The Helium price has risen in the past two straight days as investors cheer the implementation by Dish Network. The HNT token is trading at $35.77, which is about 45% above the lowest level this month. This jump has brought its total market capitalization to more than $3.52 billion.
What is Helium and why is it rising?
The wireless industry is a big one. According to IBIS, the industry is worth more than $310 billion in the United States alone. Global, the industry is significantly bigger than that.
The wireless telecommunication industry is highly centralized. This simply means that a small number of companies control how people access this technology.
Helium is a blockchain technology company that believes that there is a better way to approach this. The network helps people and companies leverage the existing infrastructure to offer quality decentralized wireless communication. Today, it is used by companies like Salesforce, Lime, Digital Matter, and Agulus, among others.
The Helium price is rising as investors cheer the implementation of the network by Dish Network. In a statement, the firm said that open source platforms will help to unlock innovation among developers. It is achieving this by partnering with FreedomFi, an open 5G networking company.
“As @DISH deploys our own smart #5G network across the country, we seek partners who are innovative, regardless of whether they are one of the largest technology providers in the world or a startup with a disruptive idea.” Read more from @rcrwirelessnews: https://t.co/oLeQoPOyFU.
— Helium🎈 (@helium) December 20, 2021
HNT is the native token for the Helium Network. It is earned when hotspots in the network provide and validate wireless coverage and transfer device data over the network. The maximum number of HNT is about 223 million.
In the past few months, the Helium network has been growing rapidly. The number of hotspots has risen to more than 420,000. They rose by about 45k in the past 30 days alone. At the same time, the number of HNTs that have been staked has risen to more than 29.5 million, bringing the total value to more than $1 billion.
Helium price prediction
The daily chart shows that the HNT price has struggled in the past few months. The coin rose to an all-time high of $58 on November 7. It has dropped by more than 38% since then. Helium price is still above the ascending trendline that is shown in blue. It has also moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been in a bullish trend.
Therefore, there is a likelihood that the HNT price will keep rising as bulls target the key resistance at about $50. This view will be invalidated if the price falls below the ascending trendline.
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