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Helium (HNT) is a decentralized blockchain-powered network for the Internet of Things (IoT) devices. Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes. Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Helium’s native cryptocurrency token, HNT.
Let us look at the technical analysis of HNT.
Past Performance
Looking at the previous week’s line chart, we can see that the later part of it witnessed a valley. In the last 24 hours, the price increased steadily, and now it is fairly stable around the $45.6 mark.
On November 13, 2021, the HNT coin opened at $51.15. The following week witnessed a decrease of 10.43%. It closed on November 19, 2021, at $45.81.
Source: https://www.tradingview.com/x/Gsu1RFwb/
HNT Technical Analysis
In the long run, the price is showing that the traders may take a long position. However, talking about the shorter terms, the price took support at $37.95 yesterday, after it hit the resistance at $46.69. Today, it is again being tested at the same resistance.
The OBV shows that the buying and selling volumes are balancing each other. This means that the price is equally likely to move up or down. The traders may hold their current positions.
The RSI is showing a horizontal line at the end of its graph, which is a signal that the bulls and the bears have equal strengths. This is again a neutral signal.
The MACD graph has not recovered from the bearish crossover yet, and both the lines are moving downwards. This is showing a divergence of the MACD graph from the price chart, which is a strong bullish signal. The traders may consider taking a long position if the price increases beyond the current resistance at $46.69.
Deeper Network (DPR), a leading Blockchain developer, has become the first blockchain to obtain the correct qualifications from Helium to access its network. By manufacturing Deeper Network HNT Miners, Deeper Network enables the first dual-crypto miner in the world. The Deeper Connect Mini, which mines the DPR cryptocurrency based on shared internet bandwidth, will allow connection of the Deeper Network HNT Miners, which mines the HNT cryptocurrency based on radio waves.
Does Investment in HNT Seem Good?
HNT can be a beneficial investment option if you are looking for digital currencies with a high return. Due to its large community, HNT can be a good long-term investment. The community power of the coin is somewhere amazing relative to other coins. This might be a bonus point for the future growth of this coin.
The current signals from the oscillators are contrary. This suggests that the traders may hold their positions for now, and wait for a clear signal. Meanwhile, they may place a stop-loss at $40, if the price breaks the support at $42.42. If the price breaks the current resistance at $46.69, a target can be placed at $50.