The recent -5.3% price drop in the Helium network has raised concerns among investors. Despite impressive growth in the past three months, with HNT price climbing +227%, the current market price of $8.18 represents a 24-hour change of -2.34%. The retreat from a local high at $11.05 on February 15th has led to a -25% price correction, with HNT token price plummeting in the bullish pennant chart structure. The 20DMA support at $8.68 has been crucial for Helium, but recent retracement moves have sent HNT crashing below this level. While the RSI indicator suggests a potential price recovery, the MACD indicator highlights stalled momentum with a bearish signal.
Despite the recent price correction, Helium remains poised for another leg-up if HNT bulls can reclaim the 20DMA. The upside target is projected at $9.46, with a potential +15.33% return. On the downside, HNT could fall to $7.47, indicating a possible -8.9% decrease. The risk-reward ratio stands at 1.72 in the short-time frame, making it a reasonable entry point for investors. However, given the broader decline in the DEPIN market, alternative investment opportunities like Sponge V2 may be worth considering.
Sponge V2, the latest iteration of the Sponge meme coin, is gaining traction in the cryptocurrency market. Building on the success of Sponge V1, which reached nearly $100 million in market cap and attracted over 13,000 holders, Sponge V2 introduces innovative features and opportunities for investors. The Play-to-Earn (P2E) utility allows users to stake V1 tokens to earn V2 tokens and participate in the upcoming P2E game for additional rewards. The game will offer free and paid versions, enhancing the gaming and earning experiences for users.
– Unique Acquisition Method: Stake V1 tokens to earn V2 tokens
– Play-to-Earn (P2E) Utility: Engage in the P2E game for additional rewards
– Exclusive Access: Earn $SPONGEV2 through $SPONGE staking
– Bonus Rewards: Special bonuses for buying and staking $SPONGE
– Passive Earnings: Staked $SPONGE tokens yield passive rewards with a minimum 40% APY
– Permanent Transition: Staking V1 tokens will permanently shift focus to V2 post-launch
Sponge V2 has an ambitious roadmap targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap. The development of the Sponge game and the Sponge V2 claim and listing are key stages in the launch process. Beyond being a sequel, Sponge V2 focuses on utility and community engagement, making it a standout project in the meme coin domain. Investors are encouraged to follow Sponge V2’s journey through social channels to witness its growth in the crypto world.
Investors should be aware that cryptocurrency is a high-risk asset class, and they could lose all their capital. This article is provided for informational purposes only and does not constitute investment advice.