Helium’s HNT is up by 7% today, outperforming the broader market

Helium has emerged as the best-performing cryptocurrency amongst the prime 100 cash by market cap on Wednesday.

HNT, the native coin of the Helium blockchain, is the greatest performer amongst the prime 100 cryptocurrencies by market cap right now. Helium’s efficiency comes regardless of the broader crypto market underperforming in the final 24 hours.

The broader cryptocurrency market is buying and selling in the purple zone after beginning the week positively. The whole cryptocurrency market cap is now round $941 billion, down by greater than 5% to this point right now.

Bitcoin has as soon as once more dropped beneath $19k and is at present buying and selling at $18,790, down by greater than 5% in the final 24 hours.

Ether, the second-largest cryptocurrency by market cap, is additionally down by greater than 8% in the final 24 hours and is at present buying and selling at $1,520 per coin.

Although HNT is the greatest performer amongst the prime 100 cryptocurrencies by market cap right now, there is no obvious catalyst behind this transfer. Despite HNT’s ongoing optimistic efficiency, the coin has misplaced greater than 27% of its worth in the final seven days.

Key ranges to look at

The HNT/USD 4-hour chart stays bearish regardless of Helium outperforming the market in the final 24 hours. HNT’s technical indicators present that the coin is recovering from its current stoop.

The MACD line dropped into the adverse zone on August twenty fifth and continues to stay there. Despite HNT’s optimistic efficiency, the MACD line is nonetheless inside the adverse area, indicating that the bears haven’t relinquished management.

The 14-day relative energy index of 49 exhibits that HNT is not in the oversold area. HNT would wish to rally larger to enter the overbought territory over the subsequent few days and weeks.

At press time, HNT is buying and selling at $4.028 per coin. If the restoration continues, HNT may surge previous the $4.470 resistance degree earlier than the finish of the day. 

However, HNT would wish the assist of the broader market to maneuver previous the second main resistance level at $5.017.

The bears are nonetheless round and will drag HNT beneath the $3.7771 assist degree over the subsequent few hours.