Helium, the largest player in Public Distributed Infrastructure, rose for three days in a row.
Helium (HNT) jumped to the crucial resistance level at $9.520 on Sunday, December 15 as the recent rally gained steam. It is up 228% from its August lows, pushing its valuation to $1.6 billion.
Helium's rally occurred as data from the futures market showed open interest was on a strong rise. according to CoinGlassinterest rose to more than $11 million on Sunday, up from last week's low of $9.35 million. Most of this interest was in Bitget and OKX.
Helium open interest
Open interest is an important metric that looks at the number of unfilled calls and orders in the futures market. The metric often rises when an asset sees strong demand.
Another catalyst for the token is that the number of burned HNT tokens has continued to rise in recent months. A recent report by Messari showed that the amount of HNT burned in November was over $250,000. HNT is usually burned to access data credits to use the network.
Helium's rally accelerated after community members voted in favor of HIP 139. The proposal called for the removal of awards for Citizen Broadband Radio Service on the Helium Network.
After that, Nova Labs will help CBRS transition by flashing their equipment to stock firmware. The decision affected him 4,000 CBRS guardians.
Helium price analysis
The daily chart shows that the price of HNT has done well as it jumped from $5.22 earlier this month to $9.52 today. This was an important price as it did not move above it on December 2nd and December 7th. It is also slightly above key support at $8.667, the September high.
Helium has remained above the 50-day and 25-day moving averages. It has also moved slightly above the center line of Andy's pitchfork tool.
Therefore, a clear break above the resistance level at $9.52 will invalidate the triple top pattern and signal more gains.
If this happens, the next point to watch will be $11, the year-to-date high, which is about 18% above the current level. A break above that level could end up being $20.
Helium was co-founded in 2013 by CEO Amir Haleem, Napster founder Shawn Fanning, and CTO Sean Carey.
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