Helium (HNT) Price Retreats Amid Profit-Taking, But Solid Fundamentals Support Further Upside

The Helium (HNT) crypto price retreated to $6.50, down by over 13% from its highest point this week, indicating it has moved into a local correction.

The Helium (CRYPTO: HNT) token price dropped to $6.50, indicating it has moved into a local correction.

What Happened: The HNT price is now down by 13.2% from its highest point this week.

Despite the pullback, HNT remains one of the best-performing cryptocurrencies since Aug. 5, when most tokens took a downturn. It has surged by over 126% from its lowest point this month, pushing its market cap to over $1 billion.

The Helium token’s retreat coincided with the crypto fear and greed index dropping from this month’s high of 57 to 43. If the decline continues, the index could move into the fear zone, which is below 40.

The decline also occurred as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and other altcoins took a downturn. Bitcoin fell from this week’s high of over $60,000 to $58,000 while Ether, Solana (CRYPTO: SOL) and Binance Coin (CRYPTO: BNB) were down by over 4% in the past 24 hours.

Helium Fundamentals: Helium has become one of the top-performing cryptocurrencies in recent months, which is largely due to its ecosystem growth.

The network is reportedly in talks with two major U.S. carriers, who are conducting tests to offload their traffic onto the MOBILE network. Carrier 1 has over 185,000 subscribers, while Carrier 2 has over 122,000 users participating in the trial.

If successful, the carriers could save money and offer better coverage, while Helium would benefit from increased traffic and funds, which would flow to hotspot providers.

The @helium Carrier Offload Program is one of the most exciting developments in recent memory.

Telecom carriers are leveraging Helium with clear synergies for both parties:

– Carriers save $$ and offer better coverage.

– Helium receives more traffic routed through the network… pic.twitter.com/sHcY7TLkTa

— Milesight loT (@Milesight_IoT) August 10, 2023

According to its stats page, Helium MOBILE has almost 20,000 active hotspots, while its IoT solution has 360,000 locations, and these numbers are rising.

The HNT price formed a golden cross, which is a bullish technical pattern. In most cases, this pattern leads to further upside. For example, the last time HNT formed this cross in November 2023, the Helium token soared by over 370%.

Helium has also formed a rounded bottom, another bullish technical pattern. A cross above this week’s high of $7.45 could signal more upside as buyers target the year-to-date high of $11.05, which is over 70% above Monday’s level.

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