Helium, a blockchain-based network for the Internet of Things (IoT), witnessed Helium price rise to 12% within 24 hours on August 10. This increase occurs as interest and adoption of decentralized networks increase, and Helium has a compelling use case in wireless connectivity.
At the time of writing, the Helium price was $6.5, and that is 10 percent up from the figure recorded the previous year. The crypto asset has registered an increase of the daily trading volume by 9%, up to nearly $29.7 million, its Market Capitalisation reached $1.1 billion. This development placed Helium 68th on the list of the most popular cryptocurrencies in the marketplace, pointing to its growth.
Helium’s Impressive Price Performance
The Helium price with the exception of September 6, had been on an upward trend from August 5 at a low of $3.65 because of wider market decline that affects not only cryptocurrencies, but stocks. Over $1bn worth of Bitcoin was liquidated across long and short positions within this period and prices across the board were sharply down. Nevertheless Helium was on its feet again from this low as its price rose by a staggering 80%.
Helium, launched in 2013 by Helium Inc. , provides global IoT device connectivity to the internet using a blockchain-based network. This model is cheaper and expandable than the normal telecommunications services, where one may host the network points with Hotspots. This strategy has attracted investors and technology lovers resulting to aggressive demand and increased Helium’s prices in the recent past.
The recent high volatility observed in the price of Helium can be explained by an important announcement made on August 9, as per which two of the largest U, S, carriers are exploring the prospect of transferring their traffic to the new Helium mobile network. Of the three carriers, 307,860 of such subscribers are currently in the beta offload program. This move is evidence that decentralized infrastructure could work in the telecommunication sector since the early signs point to the positive direction.
Market Analysts Weigh In on Helium’s Future
Market analysts have not remained passive in the upward trend of the Helium price; indeed, many more believe that it can still go higher. A popular cryptocurrency analyst, Javon Marks posted a tweet on the 10 of August regarding Helium and the feelings were positive. “Helium has form a secondary setup, and now it is showing the upward move,” said Marks. He further budgeted for the upcoming prices of Helium carries forecasting that the price per Helium could hit $52.76% potential visitors or an over 651% potential increase in visitor numbers.
However, there is a possibility of some analysts giving a signal of a retracement in the coming days for Helium. The Helium price currently exceeds the upper Bollinger Band at $6.4100, with the middle band at $5.1526 and the lower band at $3.8953. This implies that Helium has moved up and up to a level beyond its normal range it trades, and this can be interpreted as having reached overbought levels.
Helium Relative Strength Index (RSI) is 69 which indicates the stock is in the vicinity of overbought range. This shows that there is a very powerful uptrend that is currently running and at the same time suggesting that one may be due for a sell-off soon. Nevertheless, even when Helium price blasted its trading range to the upside, it probably denotes a strong bullish break out with ample space for more upside before contacting resistance.
Helium’s Long-Term Prospects
The current Helium price rise and the increasing activity of the large US carriers in the company’s network indicate the prospects of the modular approach based on theσιο. The involvement of more than 300 thousand subscribers in the program of the beta offload proves the efficiency of this technology as an accessible and effective tool for the expansion of telecommunication services.
These facts also depict that Helium has a strong market position and it can easily regain market position back and can have a sharp of its price in the short span of time after a dip in the market. But still the current price is 88% down from its earlier highest price of $55.2 recorded in November 2021, this seems to imply a likelihood of Helium to gain and even over peg previous heights.
Final Take on Helium Price Surge
In conclusion, Helium with its recent 12% rate increase emerges as one of the powerful performers of the cryptocurrency market. Furthermore, the fact that the blockchain-based network employs a novel concept in wireless communication and is steadily integrating itself into the key carriers in the United States suggests that Helium has a positive outlook. But despite such data, market analysts are positive about additional growth of prices and at the same time indicate that there may be corrections in the near future for the present level is already considered as overbought. However, the Helium price should shortly follow as the demand for decentralized networks expands further. Keep following Turkishnyradio and keep an eye on the evolving trends of Helium price.
