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While Helium Mobile has had phenomenal success, the network has failed to keep pace, with the overall market dragging it down further and losses multiplying as the market dips low. According to the latter market dataHNT, the network’s native token, has fallen about 15% in the past two weeks, which could threaten the gains of the past month.
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However, investors and traders are counting on recent developments that could turn the tide once the market recovers from its slump. With these recent developments, gains could be on the horizon, although investor sentiment remains shaky at best and bearish at worst.
Helium-Ameriband is working together to expand the helium network
Helium recently announced that it is working with Ameriband, a market leader in Wi-Fi infrastructure in the United States. According to Helium’s recent blog postthe partnership will deliver more than 100,000 data-only hotspots across the US, expanding the network’s coverage across the country overnight.
Exciting news for Helium mobile users! 👏
Ameriband today announced its partnership with @helium_mobile to add more than 100,000 data-only hotspots to the Helium network in the US in the coming months.
These hotspots help provide users with faster and more reliable coverage…
— Helium🎈 (@helium) October 9, 2024
“Ameriband’s extensive network will be deployed at well-known retailers, supermarket chains, venues and commercial locations across the country and will help drive the use of the Helium Network. Thanks to this partnership, anyone with a Helium mobile phone subscription will experience connectivity in even more locations than before,” Helium said in the blog post.
This was a huge win for Helium, as the network expansion all but guarantees connectivity for US users. This means that Helium users who previously experienced connectivity issues will experience fewer or no connectivity issues in the coming weeks and months. It also ensures that the average retail user gets access to the Helium network, potentially contributing to the growing number of users of the platform’s mobile arm.
The carrier offload program takes care of up to 130,274 subscribers from three different network providers with more than 122 TB of data routed to the Helium network, numbers that will continue to grow as the Ameriband partnership takes effect.
The rising correlation with the market leaves profits for HNT
HNT bulls are in the midst of attempting to retest the current $6.79 resistance level. At the time of writing, HNT is still at its lowest level, with the token possibly making another dip towards $6.23 in the coming days or weeks.
However, the relative strength index (RSI) indicates a possible bullish reversal this week or next week.
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However, the rising market correlation with the broader market could jeopardize the token’s bullish momentum that is currently building. With this in mind, HNT could continue to stabilize between the $6.23-$6.79 trading range in the coming days, but could drop towards $6.23 or $5.67 if the bears remain superior in the coming months.
Featured image from Pexels, chart from TradingView