Helium (HNT) is Up 21% While the Rest of the Market is Down

By
Tana Harina

01/25/2024

5,0

★

Helium (HNT) is up 21% to $7,012 at the time of writing, amid bearish sentiment all over the cryptocurrency market.

While the entire cryptocurrency market is in a slump, Helium Network's native token, HNT, is up 21% in the last 24 hours and is worth $7.012 at the time of writing.

The growth of the coin is due to a partnership between Nova Labs, creator of the Helium Network, and telecommunications company Telefónica. The joint launch of the Helium Mobile Hotspots product is designed to improve mobile coverage for customers in Mexico City and Oaxaca. Selected Telefónica customers will be able to access the Helium Mobile Network using their Movistar SIM cards. If successful, the company will roll out the joint product to other countries in the region, according to José Juan Haro, Telefónica's chief wholesale officer.

We've teamed up with @Telefonica to deploy @Helium_Mobile Hotspots in Mexico! 🇲🇽

This will extend Telefónica's coverage, enable the offloading of mobile data to the @Helium Mobile Network, and improve overall mobile coverage service for customers.

Learn more:… pic.twitter.com/id7mujg1lf
— Nova Labs (@novalabs_) January 24, 2024

Helium has more than 975,000 hotspots around the world, most of which are in the US, Europe, and Asia. Helium's IoT hotspots are also growing rapidly. There are about 380,000 pieces worldwide. Helium's ecosystem includes a new product, Helium Mobile. The total number of hotspots in it has reached 8,511. And in December, Helium Mobile added 20,000 new subscribers. In the same month, Helium partnered with US telecom company T-Mobile, resulting in a 50% increase in the HNT token. All of this strengthened the position of the native HNT token and spurred its growth. IOT and MOBILE tokens also saw 20% growth.

From a technical point of view, the HNT coin rose above the 50-period and 25-period Exponential Moving Averages (EMA), forming a bullish pattern. In addition, the moderate growth of HNT is indicated by the ADX index, which rose above 30. The next important level is at $7.50, once it is reached, HNT could rise to the psychological $10 mark in the near term.

This is not a one hundred percent statement. The cryptocurrency market is very volatile and unpredictable. Remember the importance of DYOR.

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