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Helium's HNT Soars by Over 30% as Firm Secures $111m in Funding

Helium’s HNT Soars by Over 30% as Firm Secures $111m in Funding

Posted Wednesday, August 11, 2021 by
Aiswarya Gopan • 2 min read

Decentralized P2P 5G wireless network Helium (HNT) is in the spotlight early on Wednesday after it secured $111 million after its token sale, raising funds from prominent investors, including Andreessen Horowitz, during the previous session. At the time of writing, HNT/USDT is trading at around $17.80, up by over 23% in the past 24 hours.

Helium provides a blockchain network that can power IoT devices, with its mainnet supporting communication and data transfer between low-powered wireless devices. At present, it ranks 66th in terms of market capitalization and is slated for more growth in the coming months as it adds more nodes continuously, expanding coverage on its network. Last month, the number of nodes or hotspots crossed the 100k mark and stands at over 118k till date.

The funds raised by its latest token sale will allow Helium to focus on expanding its footprint in the 5G mobile connectivity space, revolutionizing the telecom space. Unlike large corporations and mobile carriers, Helium’s LongFi wireless network will leverage its distributed node operators to provide decentralized coverage for IoT devices worldwide and reward them in HNT tokens.

The “People’s network” as the firm likes to call Helium has seen considerable traction among data partners looking to utilize its affordable network. So far, the network is operational across more than 11,000 cities around the world and supports a wide variety of applications, ranging from fleet tracking to air and water quality monitoring as well as powering smart infrastructure.

Key Levels to Watch

On the H4 chart of HNT/USDT, all moving averages in addition to the MACD and momentum indicators are exhibiting a strong bullish bias, suggesting more upside in the near term. However, the Stochastics RSI is suggesting the presence of sellers at the moment as well.

Helium’s native token has broken past the pivot point at $13.991 as well as crossed over the first two resistance levels $15.289 and $16.246. The next key level of interest is the $20 mark, but a test of that would require enough buying pressure to push HNT past the next resistance at $18.501.

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