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The Helium price jumped 41% in the last 24 hours to trade for $6.542 as of 6:05 a.m. EST time, with a 191% surge in trading volume.
Besides the broader market bullishness, the surge in Helium price comes on the back of the Helium (HNT) wallet v2.5.6 update.
📱Helium HNT Wallet v2.5.6 Update (Android & iOS)
The v2.5.6 release builds on v2.5.0, adding several new community features. These include allowing users to self-onboard Hotspots when Makers do not have enough Data Credits. For more details, please see the v2.5.0 notes.
This…
— Helium🎈 (@helium) December 29, 2023
Helium Price Pumps On Wallet Update News
The update builds atop the v2.5.0, with additional community features. Among them, users can self-onboard Hotspots whenever Makers lack adequate data credits.
1/ A Maker Program Update for 2024: To protect our community, the Helium Foundation has decided to stop listing Hotspot Makers that are non-compliant with Foundation requests.
— Helium Foundation 🎈 (@HeliumFndn) January 5, 2024
The update also comprises several important bug and performance fixes for all platforms. These include a fix for location assertion.
With these features, among others, Helium ecosystem developers urge every community member to upgrade to v2.5.6, as it will help solve challenges relating to slow application loading or crashes.
The hype around the announcement catapulted the Helium price to an intra-day high of $7.658 before profit-taking sent HNT down 16% to the current price.
Helium Price Outlook With The Wallet Update Priced In
A look at the Relative Strength Index (RSI) shows that it has just executed a buy signal, crossing above the yellow band (signal line). Traders heeding this call to buy HNT could send the altcoin’s market value further north.
It is also worth mentioning that the position of the RSI at 54 shows there is still more room to the north before HNT can be considered overbought. This adds credence to the bullish thesis.
Increased buying pressure above current levels could see Helium price overcome the 62% Fibonacci level at $6.397 before confronting the centerline of the Bollinger indicator at $6.565. Further north, the gains could extend for the cryptocurrency’s market value to tag 70.5% Fibonacci level at $7.111 or higher, the 79% retracement level at $7.826.
In highly ambitious cases, Helium price could extend the climb to the upper band of the Bollinger indicator at $8.065, with the possibility of shattering past it to target the peak of the market range at $9.592. Such a move would denote a 50% climb above current levels.
The histogram bars of the Awesome Oscillator (AO) are also turning green, showing the bulls are increasing their participation in the HNT market.
On the flip side, with the Average Directional Index (ADX) indicator nose-diving, the uptrend appears to be losing steam, which could precipitate a correction.
Increased selling pressure could see Helium price drop, slipping below the 50% Fibonacci level at $5.387. A break and close below this level would invalidate the prevailing bullish outlook.
Meanwhile, while the volatility of the crypto market continues to daunt many traders, projects such as Launchpad XYZ present the solution by giving the opportunity to find the next 10X trades. Its native token, LPX, features among analysts’ top picks for the best AI crypto coin to buy.
Promising Alternative To Helium
Launchpad XYZ, one of analysts’ best picks for Web 3 projects with potential for exponential growth, is a consumer-oriented portal, providing insights and analytics on all Web3 sectors. These are delivered via a beautifully designed, humanized interface that brings Web3 to you.
Effective #Crypto market analysis requires reliable tools. 🛠️
Utilise price trackers, chart analysis software, and sentiment indicators. #Crypto #MarketAnalysis #Web3 pic.twitter.com/06kVOY28v2
— Launchpad.xyz (@launchpadlpx) January 8, 2024
The project is in the presale stage, recording upwards of $2.467 million in sales so far. Investors looking to buy LPX can do so on the project website here, with each token selling for only $0.0445.
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