By In a move sending shockwaves through the DePin markets, the decentralized Internet Of Things network Helium has seen a shocking -5.3% price drop in 24 hours.
This article will analyze HNT’s current price trends and look to see whether a newer meme coin, SPONGE V2, represents a more promising investment opportunity.
My realtor in Texas just signed up for @Helium.
Decentralization is inevitable.
Today’s in $HNT‘s moment https://t.co/bAdRacjkVB pic.twitter.com/tissIo257z
— Greg Osuri ⟁ d/acc (@gregosuri) February 22, 2024
Downside price action comes in the midst of impressive growth for Helium, especially amongst a broader DEPIN narrative boom, with HNT price climbing +227% over the past 3-months in a sign of significant growth.
HNT Price Analysis: As Helium Network Takes a Tumble – Could This Other Coin Have Better Short-Term Outlook Than HNT Price Action?
As price action heads south across DEPIN, Helium Network is currently trading at a market price of $8.18 (representing a 24-hour change of -2.34%).
This comes as part of a wider price correction, as HNT retreats in a -25% price correction from a local high at $11.05 on February 15, with HNT token price plunging in the bullish pennant chart structure.
However, things have taken a turn for the worst as HNT price enters the bottom of the trading channel, with retracement moves sending HNT crashing below 20DMA support at $8.68.
Indeed, the 20DMA has formed a vital but hard-fought life-line to Helium over the course of 2024, and while 3-days trading below this level paints an image of a weakening technical structure, HNT price has fallen and recovered below this level 3 times already this year.
Yet, some silver-lining emerges from the RSI indicator, which is reflecting the downside move with a cooled-off reading at 47.84 – suggesting price action now has the capacity to push up once more.
But, this meets with a minor degree of contrast from the MACD indicator, which is spotlighting stalled momentum with a bearish -0.1761 signal.
Overall, HNT price analysis suggests that this has been a healthy price correction for HNT price, with Helium now cooled-off and poised for another leg-up if HNT bulls are able to reclaim the 20DMA.
This leaves HNT with an upside target at $9.46 (a potential +15.33%).
While downside risk could see HNT fall down to $7.47 (a possible -8.9%).
Consequently, HNT price analysis reveals a risk: reward ratio of 1.72 in the short-time frame, a reasonable entry on the tail-end of retracement.
But while Helium could offer a potential 15% return on the short-time frame, amid a broader decline in DEPIN, a better play is emerging in the viral success of Sponge V2 – don’t miss out.
Sponge V2 Launch ($SPONGEV2): Last Chance to Buy – Poised To Outperform HNT Price Analysis?
Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.
Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.
How to Acquire Sponge V2, Staking Mechanics Explained and P2E Integration
Acquiring Sponge V2 is unique:
Stake Sponge V1: Buy and stake V1 tokens via Sponge.vip or stake your existing V1 tokens.
Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.
Read more: Best Crypto to Invest In 2024
Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.
Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.
Moreover, this P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.
Unique Aspects of Sponge V2 Over HNT Price Analysis
Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking.
Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses.
Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY.
Permanent Transition: Staking V1 tokens will result in their permanent locking, shifting the focus to V2 post-launch.
Sponge V2 Roadmap and Future Prospects
Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.
The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.
Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.
The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.
Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.
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