- HNT has plummeted a staggering 79% in the last three months. Bravo!
- Helium’s daily active addresses and transactions have hit a yearly low. How quaint!
Once upon a time, in a land where HNT traded at a lofty $10, our dear Helium has now found itself languishing in a descending channel, much like a sad balloon at a child’s birthday party.
In this tragic tale, it has nosedived by 79%, landing at a pitiful $2.1 just yesterday. But fear not, for it has made a modest recovery, akin to a cat that always lands on its feet—albeit with a few broken bones.
As of this very moment, Helium is trading at $2.59, which is a delightful 14.07% decline in the last 24 hours. Weekly and monthly charts are equally dismal, showing drops of 24.17% and 24.45% respectively. What a spectacle!
Now, one must ponder: what dark forces are at play here? According to the wise sages at AMBCrypto, the culprit appears to be a decline in on-chain activity. Shocking, I know!
Helium on-chain activity hits yearly low
In recent months, Helium has faced challenges that would make even the most stoic of investors weep. Its on-chain activities have plummeted to a yearly low, a veritable tragedy.
To kick things off, Helium’s daily active addresses have dropped from a robust 19.1k to a dismal 4.9k. Such a dramatic fall suggests a lack of interest in our dear altcoin, as if it were a forgotten relic in a dusty attic.
It seems the network is experiencing a lower usage rate, with new investors fleeing like rats from a sinking ship, while the old guard either closes their accounts or remains stubbornly dominant. How very British!
This paints a rather bleak picture of bearish sentiments in the markets. How delightful!
The dwindling demand for HNT is further corroborated by a decline in daily transactions, which have also reached a yearly low of 18k. A veritable ghost town, if you will.
This dip indicates that few traders are engaging with the network, a common occurrence during market downturns when investors adopt a risk-off approach. How very prudent!
In the last 24 hours, the altcoin’s market cap has also plummeted to a yearly low, further validating the notion of reduced demand. A tragic comedy, indeed!
With such a lack of interest, it means less capital inflow, as investors are not buying, resulting in a lower market cap, especially as prices continue to decline. A vicious cycle!
The massive dip in on-chain activity places Helium in a precarious position, where it could very well drop even further. How thrilling!
What’s next for HNT?
With HNT hitting a yearly low of $2.1 just yesterday, the altcoin faces significant challenges. As sellers dominate the market, we could witness further losses on HNT. How delightful!
Yesterday, we observed a bearish crossover on the RSI, validating the previous bearish crossover on Stoch, thus confirming the potential for a trend continuation. How utterly predictable!
If this trend persists, HNT may drop below $2 for the first time since November 2023. A true tragedy!
However, should buyers seize this recent dip as an opportunity to accumulate, we might see the altcoin rise again, reclaiming $3.4, thus suggesting it has reached a bottom. A happy ending, perhaps?
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2025-03-10 19:07