Helium Price In A Bullish Reversal: Why $5 HNT Could Be Reality Soon

After a month in the red, Helium (HNT) is experiencing a bullish reversal. In the past 24 hours, Helium has surged by 11%, trading at $3.66 as of 10:48 UTC. This rebound is fueled mainly by a broader market recovery in the past hour and a series of positive developments regarding Helium’s adoption and integration into various projects.

Market Dynamics and Broader Recovery

Today’s uptick in Helium’s price can be attributed to a general rebound in the cryptocurrency market over the past hour. This recovery comes amidst widespread uncertainty surrounding the upcoming Federal Open Market Committee (FOMC) meeting.

Investors are keenly watching to see whether the Federal Reserve will announce an interest rate hike or cut, a decision that will significantly impact market dynamics. Despite this uncertainty, the broader market’s positive momentum has provided a much-needed boost to Helium.

Interesting view of #BTC going into FOMC and CPI tomorrow.

The last 2 FOMCs marked local bottoms on that day.

2 of the last 3 CPIs were near local tops.

The other CPI was in the middle of the trend.

Tomorrow should be fun! pic.twitter.com/zmsb09eGLO

— Benjamin Cowen (@intocryptoverse) June 12, 2024

Helium’s Unique Proposition

Helium is a decentralized blockchain-powered network designed for Internet of Things (IoT) devices. Launched in July 2019, Helium’s mainnet enables low-powered wireless devices to communicate with each other and send data across its network of nodes. These nodes, known as Hotspots, combine a wireless gateway and a blockchain mining device, allowing users to earn rewards in Helium’s native cryptocurrency token, HNT.

Adoption by Sense Core Canada

One of the key drivers behind Helium’s price rally is its growing adoption, highlighted by a significant partnership with Sense Core Canada. Five days ago, Helium announced via X that Sense Core’s smart water meters, powered by the Helium IoT Network, are being used to prevent water damage and reduce utility costs for local businesses.

ICYMI, @SenseCoreCanada‘s smart water meters, enabled by the Helium IOT Network, prevent water damage and reduce utility costs for local businesses. @super8 Guelph saved over $10,000 and achieved ROI in three months using the SenseCore water management system, which detected and… pic.twitter.com/8Nw40gJikq

— Helium🎈 (@helium) June 7, 2024

In a detailed blog post, Helium outlined the successful implementation of Sense Core’s smart water management solution at the Super8 Guelph Hotel in Ontario. The hotel faced substantial challenges in managing water usage and detecting leaks, which posed significant risks to its equipment and finances. The hotel achieved remarkable results by integrating Sense Core’s leak detection and water monitoring systems, including a return on investment within 90 days, the detection and repair of over 12 leaks, and cost savings exceeding $10,000.

Expanding Ecosystem with MNTD

Further entrenching Helium’s position is the recent announcement of MNTD as the first third-party MOBILE Hotspot vendor on the Helium Network. This partnership, announced on June 6, marks a significant milestone for Helium’s MOBILE Network, emphasizing decentralized wireless growth.

🎉@getmntd_ becomes the first third-party MOBILE Hotspot vendor on the @Helium Network.

“The Helium Foundation is thrilled to continue working with the MNTD team as one of the most long-term aligned vendors in decentralized wireless. The MOBILE Network continues to see steady… pic.twitter.com/iLXd2kpIy9

— Helium Foundation 🎈 (@HeliumFndn) June 6, 2024

MNTD, a brand under RAKwireless, has been a long-term supporter of the Helium community, contributing to the expansion of LoRaWAN coverage on the Helium IoT Network. The approval of MNTD as a MOBILE Hotspot maker under the HIP-53 framework represents a critical step toward a competitive ecosystem of MOBILE hardware providers.

The Helium Foundation has confirmed that MNTD has completed all necessary steps to ensure security and compliance with their hotspots, now available to the public.

Strategic Advantages and Future Outlook

Helium’s strategic partnerships and technological advancements position it well within the cryptocurrency market’s fast-growing DePIN (Decentralized Physical Infrastructure Networks) segment. Despite its significant use cases and increasing adoption, Helium maintains a relatively modest market cap of $583 million, making it an attractive investment opportunity.

The recent surge in Helium’s price is not merely a result of broader market recovery but also a testament to its robust network and strategic growth initiatives. The integration of advanced IoT solutions and the expansion of its ecosystem through partnerships like those with Sense Core Canada and MNTD highlight Helium’s potential for sustainable growth and increased market presence.

Helium In a Bullish Reversal as Buyers Take Control

Source: TradingView

After months in the red, Helium is showing bullish reversal signals. The $4.147 weekly resistance is critical to watch if the current momentum continues. Helium could hit a high of $5.930 in the short term if broken. However, if bulls lose momentum again, two scenarios could play out in the short term. The first is a possible consolidation between the $4.147 resistance and $3.244 support. In the second scenario, bears push Helium through the $3.244 support. In such a case, Helium could be headed to prices below $3 in the short term.

Why $5 Is A Realistic Target

Helium is growing in adoption and has positioned itself as a formidable force in the fast-growing DePIN space. This will keep drawing buyers to Helium and will likely reflect the price going forward.

Disclaimer: Cryptocurrency 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.