At the time of writing, Helium was trading at $6.79. The crypto asset’s daily trading volume increased by 56% to approximately $25.2 million, with a market capitalization of $1.14 billion, ranking it 65th among the largest cryptocurrencies.

The token’s price is up 20% since falling to $5.66 yesterday, when Bitcoin fell 4% and the global crypto market liquidated over $156.4 million.

Despite returning to levels seen on March 21, HNT is still down 88% from its all-time high of $55.2 in November 2021.

Founded in 2013, Helium Inc. has developed a global decentralized blockchain network that supports wireless communications for IoT devices. This network allows individuals to set up network points via Hotspots, providing a scalable and cost-effective alternative to traditional telecom services.

The latest increase follows Helium’s partnership with two major US carriers. These carriers are experimenting with transferring mobile traffic to the Helium Network, which could potentially lead to a move to a more decentralized network infrastructure.

Helium is currently trading at $6.7722 and is positioned above the middle Bollinger Band at $5.3779, near the upper band at $7.0302. This marks a significant upward move in the trading range.

The cap approach could indicate a potential overbought situation, but proximity to this band also indicates strong bullish momentum. This pattern may indicate the possibility of price increasing further without encountering significant resistance or a possible pullback.

Additionally, the Relative Strength Index (RSI) is at 66.24 and approaching the overbought threshold of 70, indicating that a correction may be imminent as market conditions are stretched.

Still, market analysts remain optimistic about Helium’s future potential.

In an August 13

Helium’s price increase may also have been influenced by the general rise in the crypto market, with Bitcoin rising 6.5% in the last week.

On August 13, Bitcoin was trading at $59,456 and its price fluctuated between $58,015 and $60,499 within 24 hours. Additionally, the total market capitalization of cryptocurrency markets increased by 1.9% in the last day, reaching $2.19 trillion.