The price of DePin token Helium (HNT) has increased significantly in recent days while the rest of the market has struggled to recover.
While it is generally considered more advantageous to follow Bitcoin’s example, HNT has chosen the other path and emerged as the winner.
Helium continues its gains
The price of Helium has crossed the $7 mark in the last 24 hours for the first time in just over four months. The reason for this increase was the altcoin’s decision to distance itself from the king of cryptocurrencies, Bitcoin.
Since the beginning of August, HNT’s correlation with Bitcoin has been deteriorating and currently stands at 0.05. This weakening correlation was notable as Bitcoin has been suffering from bearish conditions over the past few days.
Read more: Helium Staking for Beginners: Earn Passive Income with HNT
Despite Bitcoin’s recent downturn, the DePin token has been able to recover, likely due to this decreasing correlation. Separating itself from Bitcoin’s performance has given HNT the opportunity to develop independently.
Furthermore, HNT’s price increase could be sustained by increased investor interest, as evidenced by a significant increase in open interest. Over the past week, open interest has increased from $2.26 million to $5.95 million.
This has more than doubled the open interest rate and reflects growing investor confidence and participation. If this momentum continues, HNT’s uptrend could continue.
HNT Price Prediction: $8 Next
Helium’s price advantage by detaching itself from Bitcoin’s price action could translate into another rally. The altcoin is currently trading at $6.47 and is attempting to secure $6.33 as a support floor. This would allow HNT to see another increase.
Looking at Helium’s price action so far, HNT could see consolidation if it rallies. This is because $8 is a key barrier that can only be broken with stronger bullish momentum.
Read more: Helium (HNT) Price Prediction 2024/2025/2030
However, the price could take a hit if HNT holders book profits and sell their holdings. As a result, the DePin token could lose its support at $6.33, which would push it to the psychological support of $5 and invalidate the bullish thesis.
Disclaimer
Per the Trust Project’s guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions can change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
