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Why is Helium (HNT) Trading Bullish Today?

Why is Helium (HNT) Trading Bullish Today?

Posted Thursday, January 27, 2022 by
Aiswarya Gopan • 2 min read

Helium (HNT) stands out as one of the few cryptos trading in the green on Thursday, enjoying the attention of buyers after it featured among 25 assets under consideration by Grayscale. At the time of writing, HNT/USD is trading at around $27.63.

As the leading digital asset management firm, being included in Grayscale’s portfolio reinforces the long term prospects of Helium as an attractive investment. Getting added to the firm’s list of offerings can increase institutional investors’ interest in the cryptocurrency which has a very promising real world use.

Helium, or the people’s network as it is known, is an open source public blockchain that offers incentives to users who can support its goal to create a decentralized wireless network around the world. Users who are willing to operate LoRaWAN hotspots will earn incentives in its native token HNT.

Its revolutionary technology is the world’s fastest growing wireless network, having created over 522k hotspots worldwide till date. Helium’s decentralized model can not only ensure faster and cheaper rollout of 5G technology in the future but also be a key way to power the rising trend of IoT (internet of things) movement.

The company has recently announced a strategic partnership X-TELIA, a Canada-based LoRaWAN provider, which will help spread its technology through a new geography soon. X-TELIA will connect its IoT network to the Helium blockchain to improve roaming coverage across Canada, powering its expansion plans through North America.

HNT/USD Technical Analysis

On the 4-bour chart of HNT/USD, smaller and medium timeframe moving averages along with leading technical indicators MACD and momentum are exhibiting a bullish bias. However, the 100 EMA and 200 EMA are suggesting some selling interest as well.

Helium’s price holds above the pivot point at $25.71 but below the first resistance at $31.68. Let’s see if buying pressure can sustain until this level is overcome.

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