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The Helium token has gained more than 70% in the past two weeks from $3 to $5.3. A bullish breakout from the plummeting wedge seemed crystal clear on the daily chart.
When writing, the HNT market cap has witnessed a surge of 4.58% in the last 24 hours. Despite this, the 24-hour volume witnessed a decline of 13.46%.
Correspondingly, the market cap of HNThas reached $852.38 Million, which has positioned it at the 80th rank in the top 100 cryptos globally. Its 24-hour traded volume reached $17.125 Million.
The liquidity based on 24-hour activity in the asset from its market value and 24-hour volume was very low at 2.01%. Thus, the low ratios are less liquid and likely present uncertain market conditions.
Despite this, per the Crypto Fear & Greed index, the market sentiments scaled to 69 (greed). This bullish sentiment showcased that the possibility of the HNT price escalating to higher levels appears higher.
Based on Helium (HNT) Tokenomics from CoinMarketCap, its circulation has reached the total supply at 160.875 Million, which gives the total FDV based on price as of writing shows $850.24 Million.
The CoinCarp website’s rich list signified that HNT holders’ data showcased that the top 100 holders held 47.46% of the circulation. The leading holders held 3.47% of the supply at press time. The total number of holders stood at 461,551.
Helium (HNT) Project’s Fundamentals & Other Factors
Helium has a strong community of over 300k followers across multiple social channels. According to Messari’s website, Twitter followers at press time were 210.40K, Reddit subscribers were 107.55K, and Telegram users were 22.21K.
The decentralized wireless platform got a robust social community and online presence that scored 9.50 out of 10. It also had a good Twitter score of 209 out of 1000 at press time. It has followers like @sambankman, @alexisOhanion, @ChrisDixon, and many more.
Moreover, Helium (HNT) has a solid 9 backers, and the leading ones are Union Square Ventures, Tiger Global Management, a16z, and a few more. The security score produced by CertiK Skynet showcased that HNT had a ‘bbb’ tier security with an impressive score of 75.53.
After evaluating the Helium (HNT) based on backers’ quality, security measures, and value generation, it received a 7.40 out of 10. Its performance metrics had scored 8.08 out of 10, and financial health had scored 7.03 out of 10.
Monitoring the HNT Derivatives Data Analysis
Per CoinGlass, the HNT derivatives data analysis highlighted that its open interest (OI) showed a 6.07% advancement, which was $4.47 Million within 24 hours. Following the OI, the derivatives volume also rose 85.45%, which was $7.14 Million.
Additionally, the 1.0912 long/short ratio of 24 hours showed more shorts than longs in the crypto.
The shorts amounted to $23.13K, and the longs amounted to $51.77. Overall, the derivatives data analysis of HNT showed the possibility of continuing bullish momentum at the time of writing.
Decoding, Helium (HNT) Price on the Daily Chart!
The HNT has shown bullish bias on the daily chart by forming consistent green candles for several days.
Around the first quarter of 2024, the price reached a more than 700% gain, which peaked at $11.160 by February 15th, 2024, from $1.429 major support. Due to instability, HNT witnessed consistent profit booking for nearly 146 days after mid-February, which led to a falling wedge formation.
The price broke out from the broader bullish sentiment this July month. This breakout led to a robust increase in the price in a short span on the daily chart.
Indicators: EMA bands have been breached (50-day & 200-day), MACD histogram on the surge at 0.199. The RSI has met over-bought conditions, which might be a concern (DYOR).
The support levels for the HNT price are $3.0 and $4.25, followed by the resistances of $6.90 and $8.0, respectively.
Helium (HNT) price surged 70% in two weeks, breaking out of a falling wedge. Market sentiment was bullish at press time, but low liquidity raised concerns. It got strong fundamentals with a large community and solid backing. The derivatives data suggested continued bullish momentum.