Helium has been working on creating a wireless network that connects IoT devices worldwide since its launch in early 2020. HNT cryptocurrency is back in the headlines again following the surge after the start of November. After that, the bullish investors in the coin broke major resistance levels.
What is Helium Network
Helium Network (HNT/USDT) is an open-source blockchain network designed to power IoT devices with wireless connectivity. The technology enables the communication of devices, while data is transmitted across the network nodes. The nodes that make up the network are called Hotspots.
Unlike most blockchains, Helium aims to decentralize physical hardware by connecting devices. The Helium network is powered by proof of coverage, a consensus algorithm created specifically for the network.
The mechanism is combined with the Honey Badger Byzantine fault tolerance protocol, which allows for consensus during certain node failures. The Helium Network is the largest LongFi network globally, enabling individuals to deploy wireless hotspots that provide 5G connectivity in exchange for crypto rewards.
There is a possibility for Significant Returns in HNT Coin
A price prediction algorithm developed by CoinCodex, a leading crypto data site, has issued a bullish forecast for Helium. The reason has been attributed to Bitcoin as it edges towards its next halving event in April 2024.
Analyzing HNT’s historical price performance and industry fundamentals, the AI predicts Helium’s native token will surge over 118% within one month of the Bitcoin reward reduction.
This programmed deflationary mechanism has historically sent ripples through crypto markets, with both Bitcoin and major altcoins experiencing enormous rallies in the months preceding and following each halving. The 2024 event will mark the next mining reward reduction, expected sometime in mid-April.
Technical Analysis and Prediction of the HNT Coin Price
HNT/USDT chart by TradingView (Daily time frame)
Over the past two trading sessions, the HNT coin price has experienced a significant increase. This surge has given investors increased confidence in the current market conditions.
Currently, the coin is facing resistance levels between $8.2 and $10.4. Meanwhile, the support level is at the level of $4.2. If the bears get a grip, then the price may move towards the 2nd support of $2.771.
However, the RSI has spiked off from the overbought levels and is coming near its neutral zone. The price prediction will be bullish according to the trend.
Conclusion
The Helium Network (HNT/USDT) is an open-source blockchain designed for IoT devices. CoinCodex predicts a bullish trend for HNT, and its price has increased significantly over the past two trading sessions.
Technical Levels
- Support Levels: $4.28 and $2.77
- Resistance Levels: $8.18 and $10.49
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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