Is Helium Price Going to Zero? HNT Drops 6% as Novel New Mining Protocol Secures $7.2 Million in Funding
Source: Dall•E 3
The Helium price has fallen by as much as 6% in the past 24 hours, slipping to $6.82 on a day when Bitcoin ETF hopes have caused the market to rally by the same percentage.
HNT is now down by 4.5% in a week and by 21% in a fortnight, yet the altcoin has gained by an impressive 140% in the last 30 days, while also surging by 330% in the past year.
However, today’s dip has raised fears that HNT’s recent momentum may be about to wane, with the coin potentially on course for a correction.
Some traders may therefore prefer to look towards alts that look like they’re on the up, with Bitcoin Minetrix (BTCMTX) now having raised $7.2 million in its increasingly popular presale.
Is Helium Price Going to Zero? HNT Drops 6%
Helium’s chart suggests that the coin could fall further before returning to growth, with its indicators looking as though they’re about to fall back from previously overbought positions.
For instance, HNT’s relative strength index (purple) is slipping below 60, after spending a couple of weeks in December higher than 70.
Source: TradingView
This signals a loss of buying pressure and momentum, while the coin’s price is starting to fall back down towards its 30-day average (yellow), which is also a potential sign of a bearish reversal.
Despite these negative moves, it’s reassuring to note that HNT’s support level (green) has risen strongly in recent weeks, so it’s entirely arguable that any forthcoming dips will be mild.
The question is, with the coin’s trading volume at only $12 million (compared to $60 million in the middle of December), it’s not certain how long it will before it returns to strong growth.
Nonetheless, HNT’s fundamentals remain very sound, with the Helium Network continuing to expand and grow as a decentralized Internet-of-Things/mobile network.
helium mobile subscribers have started using more of their data via helium hotspots as compared to the T-Mobile cellular network
crypto networks are massively powerful and this is just the start. disruptions all across and underway. https://t.co/z2LzoNqgYq
— Ayush Ranjan (@ranjan3118) December 31, 2023
Indeed, it has been interesting to watch the growth of Helium’s recently launched mobile service in the US, which Nova Labs (Helium’s developer) rolled out last month in partnership with T-Mobile.
For $20 per month, this service offers its users unlimited data, with recent figures showing that subscribers have been using more of their data via decentralized Helium hotspots than via T-Mobile’s own network.
This is highly encouraging, and while HNT may be due to dip further in the next week or so, 2024 is likely to do good things for the Helium price.
Novel New Mining Protocol Secures $7.2 Million in Funding
Because HNT is currently dipping, many traders may prefer to look at alternative alts at the present moment in time, with several presale tokens looking particularly promising.
One of the most notable of these is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has now raised over $7.2 million in its soon-to-be-ending presale.
Happy New Year, #BTCMTX Communtity!
Surpassing $7,200,000 is a stellar way to start 2024.
Here’s to an incredible year ahead!#HappyNewYear #CryptoMilestone pic.twitter.com/IGO0Jv70AA
— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024
This impressive figure makes Bitcoin Minetrix’s sale one of the biggest of the past 12 months, and it’s not too difficult to see why it has achieved this feat.
As a stake-to-mine platform, Bitcoin Minetrix will enable its users to mine actual Bitcoin (BTC) by staking its native token, BTCMTX.
Not only does such staking provide users with a passive income (in the form of new BTCMTX), but it also earns them tokenized mining credits.
They can use such credits to purchase Bitcoin hashing power, which in turn can earn them freshly mined BTC.
Such a system promises to widen access to Bitcoin mining, which has up until now been the preserve of big operations with expensive mining equipment.
#BitcoinMinetrix unveils $BTC mining opportunities!
Cloud mining: Perfect for #Crypto starters!
Simple entry.
Cost-effective sans hardware.
No space, noise, or heat concerns.
Effortless upgrades. pic.twitter.com/idd64UZ3fE
— Bitcoinminetrix (@bitcoinminetrix) January 1, 2024
Investors interested in the possibilities opened up by Bitcoin Minetrix can join its presale – while it still lasts – by visiting the project’s official website.
It has already become one of the best presales of the year, and given how much it has already raised, its token could rally substantially once it lists in the coming weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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