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After a sharp rise from the $2.00 bottom, Helium (HNT) showed a strong rebound that further fueled the market’s positive attitude and increased the momentum of the advance.
This week saw bull action for Solana-based Helium Network’s HNT coin, which rose 70% weekly to $4.86.
Based on the most recent data, HNT, which at the time of writing has a market capitalization of approximately $700 million and an astonishing trading volume of $10 billion, has quietly an annual high of $5.12 over the weekend after seeing an impressive 85% price spike in just seven days.
Helium climbs to annual high
HNT price action today. Source: Coingecko
Buyers staged a rebound and were able to keep the price above both EMAs. The 200-day EMA, which has been showing strength during the most recent bull run, is about to cross paths with the 50-day EMA for helium. In the event that the crossing occurs, prices could reach new swing highs.
The price of helium has been more volatile this week due to a divergence in the Bollinger Bands. HNT’s relative strength indicator points to bull dominance over the week on the price of helium and is above the average line in the overbought area.
HNT price prediction for December. Source: Coincodex.
HNT rose from $2.73 to $5.78 in the first week of December, marking a 70% price increase. In the past month alone, the token has risen more than 190%.
The latest estimate for the price of helium is that it could reach $5.75 this month Coincodex.
For a network that has mainly had to deal with bad press about its product and the transition from its own blockchain to Solana, this price performance represents a turnaround.
HNTUSD trading at $5.31 today. Chart: TradingView.com
HNT among the best crypto artists
In the cryptocurrency market, Helium, a decentralized network launched in 2019, has made significant progress. It is now among the best artists. Coinciding with this price increase is Solana (SOL), which is up over 50% in the last 30 days.
On November 12, 2021, HNT reached its highest point at $55.15. On the other hand, it fell to an all-time low of $0.200 on May 29, 2020.
The lowest recorded price since the all-time high was $1.16, and the highest was $5.75. The Fear & Greed Index shows a score of 72 (Greed) and the current consensus for the Helium price forecast is positive.
Meanwhile, analysts say Helium Mobile’s $20 monthly phone plan, which gives customers unlimited data, voice and text, is mainly the impetus for HNT’s price increase.
According to a recent survey, the average American spends about $150 per month on phone plans alone. Helium’s latest connectivity service is expected to offer a more affordable option than traditional service providers.
Featured image from Pixabay
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