Helium Network – the leading decentralized internet of things provider – has undertaken a sudden -5% HNT price drop as price retraces from break-out footing, leaving some traders asking ‘is Helium going to zero?’.
This comes amid sensational market hype around the long-running Helium Network project, following the launch of the new Helium Mobile product – which offers US-based Web3 users the opportunity to utilize the Helium network for mobile calls and data (a new initiate known as $MOBILE).
New IOT and MOBILE Network proposals are now open for discussion.
Here’s a quick summary of the HIPs being explored.
— Helium Foundation (@HeliumFndn) December 20, 2023
With the dust now settling from the excitement, and as the Helium community shift into HIP proposals to design the future of $MOBILE – price action is ticking down.
HNT Price Analysis: As Helium Network Enters Retracement – Is HNT Going to Zero?
As price action pushes south, Helium Network is currently trading at a market price of $7.96 (representing a 24-hour change of -6.04%).
This comes in the midst of the second-day of downwards price action, after Helium price rejected from a local high at $9.5.
Now in a -16% retracement move, it could be seen that tumble in HNT price is a health and much needed retracement from over-extended rally price action.
Indeed, looking at the month-long rally structure, major retracements and consolidations in early December and last weekend set the stage for a continuation of strong technical rallying.
This coincides with a lagging 20DMA (which remains below the current trading channel at $5.62).
Further warning signs emerge from the RSI indicator, which is still displaying severe bearish divergence at 71.82 despite the ongoing retracement move.
While the MACD is continuing to display strong bullish divergence with a reading at 0.2488.
Overall, HNT price looks reasonably strong here, with the ongoing retracement well-defended and reflecting previous rally behaviour – this could set the stage for a fourth rally leg.
HNT price is left facing an upside target at $10 (a potential +26%).
While downside risk could see HNT price fall marginally to $7 (a possible -11.74%).
Helium Network therefore carries a current risk: reward ratio of 2.22 – a good entry characterised by growing upside reward, and certainly not going to zero anytime soon.
But while traders speculate on whether Helium can continue rallying, a more strategic play could emerge from the Bitcoin Minetrix presale.
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Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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