- HNT has risen by more than 10% in the past 24 hours.
- HNT has emerged as one of the biggest winners in recent hours.
Helium token [HNT] has recently shown remarkable positive momentum and is among the biggest winners of the past 24 hours.
This rebound takes the token to its highest price level in months, signaling a significant recovery in investor interest and market value. However, the sustainability of this momentum is an important question for traders and investors alike.
Helium token spikes
The Helium Token has shown a robust performance in recent days, marking a series of consecutive increases.
According to AMBCrypto’s analysis, Helium started its upward trajectory on July 12.
Although there was a brief respite in this trend with a downturn on July 16, the token quickly resumed its rise on July 17, registering an impressive 10% increase to around $4.1.
Source: TradingView
Continuing its upward movement, Helium saw a further 7% increase by the end of the trading session on July 21, pushing its price to around $4.8. Currently, the token is trading at around $4.9, which reflects an increase of 3%.
Why is the Helium token rising?
The Helium Token (HNT) has shown significant market performance lately, according to data from CoinMarketCap. Currently, HNT’s market capitalization is over $800 million, after a remarkable increase of over 11%.
In addition, there has been a dramatic increase in trading volume, which has increased by over 180% to over $17 million in the last 24 hours.
This substantial increase has positioned Helium as the second-highest gainer over the past day, up more than 10%.
Despite this impressive growth, analysis shows that there is no clear, immediate catalyst for the sudden upward trend.
This suggests that HNT’s rise in value could be driven primarily by market dynamics, such as speculative trading or shifts in investor sentiment, rather than direct news or developments related to Helium’s network or technology.
Where now for HNT?
The Relative Strength Index (RSI) for the Helium Token (HNT) is currently showing a value above 75, which indeed indicates a strong bullish trend in the market.
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However, an RSI in this range also typically indicates that the asset may be overbought.
When the RSI crosses 70, it suggests that the asset may have been bought excessively, and there may be a disproportionate number of buyers compared to sellers at this point, often preceding a market correction or pullback.
