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Helium token hits $4.9: What’s driving the sudden uptick?
The price of Helium token has increased by 10% in the last 24 hours, but can it keep it up?
- HNT has increased by over 10% in the last 24 hours.
- HNT has emerged as one of the highest gainers in the last few hours.
Helium Token [HNT] has recently shown notable positive momentum, ranking as one of the highest gainers over the last 24 hours.
This uptick brings the token to its highest price level in months, signaling a significant rebound in investor interest and market value. However, the sustainability of this momentum is a key question for traders and investors alike.
Helium token spikes
The Helium Token has demonstrated a robust performance over the last several days, marking a series of consecutive increases.
According to AMBCrypto’s analysis, Helium began its upward trajectory on 12th July.
While there was a brief interruption in this trend with a downturn on 16th July, the token quickly resumed its ascent on 17th July, registering an impressive 10% increase to approximately $4.1.
Source: TradingView
Continuing its upward movement, Helium saw a further 7% increase by the end of the trading session on 21st July, pushing its price up to around $4.8. Currently, the token is trading at approximately $4.9, reflecting a 3% increase.
Why is the Helium token rising
The Helium Token (HNT) has shown significant market performance recently, according to data from CoinMarketCap. Currently, HNT’s market capitalization stands at over $800 million, having experienced a notable increase of over 11%.
Additionally, there has been a dramatic surge in trading volume, which has risen by over 180% in the last 24 hours, reaching over $17 million.
This substantial uptick has positioned Helium as the second-highest gainer in the past day, with an increase of over 10%.
Despite this impressive growth, analysis indicates that there is yet to be a clear, immediate catalyst for the sudden uptrend.
This suggests that the rise in HNT’s value might primarily be driven by market dynamics, such as speculative trading or shifts in investor sentiment, rather than direct news or developments related to Helium’s network or technology.
Where next for HNT?
The Relative Strength Index (RSI) for the Helium Token (HNT) is currently showing a value over 75, which indeed indicates a strong bullish trend in the market.
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However, an RSI in this range typically also signals that the asset is potentially overbought.
When the RSI surpasses 70, it suggests that the asset might have been bought excessively, and there could be a disproportionate number of buyers compared to sellers at this point, which often precedes a market correction or pullback.
