Helium’s HNT Keeps Climbing on the Back of Key Network Proposals
thenewscrypto.com 29 August 2024 12:30, UTC - Helium (HNT) has seen a price increase of over 10%, rising from $6.67 to $7.48.
- The rally is driven by two important proposals, HIP 130 and HIP 131, boosting optimism for HNT’s future.
Amidst a global market downturn, Helium (HNT) is changing the trend and showing significant gains. According to CoinMarketCap, the price of HNT surged over 12.29%, moving from $6.67 to a recent high of $7.49, with the upward momentum continuing.
This rally comes with Helium’s official announcement of the approved proposals, HIP 130 and HIP 131, related to Helium Mobile. HIP 130 suggests expanding the network by allowing non-certified hotspots that use passpoint authentication. These new hotspots will function similarly to the original Helium devices, but they’ll transmit pre-paid data, with users earning MOBILE tokens, part of the Helium ecosystem.
HIP 131, which builds on previous anti-gaming action, introduces a system to safeguard the network’s reward distribution. The proposal limits Oracle Hex boosts in certain areas, reducing the rewards multiplier for hotspots involved in suspicious activity. To regain the boost, these hotspots must submit accurate Call Detail Records (CDRs).
Helium Breaks $7 Resistance Zone After Four Months
After four months of consolidation, Helium has finally broken the key $7 resistance zone, marking its first breakthrough since March 21. At the time of writing, HNT is trading at $7.46, with a 12% increase in market capitalization.
Further, Helium’s open interest also climbed by 27%, reaching $7.39 million, indicating strong buying activity. The Relative Strength Index (RSI) has risen from 30 to 63, signaling growing bullish sentiment. Currently, the RSI is in the neutral zone, suggesting that the trend remains balanced and on the frontlines.
According to the technical analysis, HNT is trading above its recent averages, with the short-term 9-day moving average at $7.02 and the long-term 21-day moving average at $6.85. These figures suggest a strong upward trend, with potential gains exceeding $8 in the near future.
However, the ongoing market dip may pose challenges, potentially limiting this momentum. If HNT fails to maintain its position above $7, it could drop to a support level of $6.35, with further declines possible.
