It was another dull week in the cryptocurrency market as the crypto fear and greed index slipped to the fear zone of 37 while Bitcoin remained in a consolidation phase. Bitcoin was trading below $60,000 while Ethereum fell below $2,500. This article looks at Tron (TRX), VeChain (VET), and Helium (HNT).
Helium price prediction
Helium is a top player in the Solana ecosystem. It is a platform in the Decentralized Public Infrastructure (DePIN) focusing on the connectivity industry.
Helium’s goal is to use the blockchain technology to help people access broadband at a relatively low cost. People from around the world can share their internet in exchange of rewards, often in HNT.
Helium’s token has been one of the best-performers in the crypto industry after the developers announced that they were conducting a trial of carrier offload with two big carriers in the United States.
Carrier offload is a situation where a provider moves some data to another network when there is substantial congestion in the network. A good example of this is when thousands of people are attending a concert and using the internet at the same time.
Helium token bottomed at $2.85 in June and has bounced back to almost $8. Along the way, the token formed a golden cross chart pattern as the 200-day and 50-day Exponential Moving Averages (EMA) made a bullish crossover pattern. It has remained above the two averages since then.
Helium has also formed a rounded bottom chart pattern, which is often a bullish sign. However, Oscillators like the Relative Strength Index (RSI) and the MACD have formed a bearish divergence pattern.
Therefore, more upside will be confirmed if the Helium token rises above the key resistance point at $8.65, its highest point this month. A break above that point will point to more upside, with the next point to watch being at $11.03, up by over 42% from the current level.
HNT chart by TradingView
Tron price analysis
Tron has been in the spotlight in the past few weeks after Justin Sun launched the SunPump, its version of the Pump.fun ecosystem. Recent data shows that tokens in the ecosystem have done well in the past few weeks.
Sundog token has soared by over 58% in the last seven days, giving it a market cap of over $350 million. Tron Bull has risen by over 110% while Muncat, Suncat, SunWukong, and Vikita have soared by over 50% in the same period.
Altogether, these t0kens have a market cap of over $608 million while the Sunpump ecosystem has brought in over $48 million in fees since launch. Also, Tron has become the biggest chain for Decentralized Exchanges (DEX), handling over $531 million of volume in the past seven days.
On the daily chart, we see that the Tron price topped at $0.1690 in August and has pulled back to $0.15. It has formed a break and retest pattern, by retouching the highest swing in February this year.
Tron has remained above the 50-day and 200-day moving average while the Relative Strength Index has pointed downwards to the neutral point of 50. Therefore, this retreat seems like a breather, meaning that the coin may resume the bullish trend as bulls target the year-to-date high of $0.1690.
TRX chart by TradingView
VeChain price forecast
VeChain, once a highly popular cryptocurrency, has become a fallen angel, with a market cap of over $1.8 billion. At its peak, the token had a valuation of over $16 billion, making it a top-15 coin.
Data also shows that VeChain’s open interest in the futures market has continued falling in the past few months. It stood at over $28 million, down from over $45 million earlier this year.
Futures open interest is an important number that looks at the volume of unfilled call and put orders in the market.
The daily chart shows that the VeChain price peaked at $0.055 earlier this year and has now dropped by over 60% to the current $0.022. It has remained below the 50-day and 200-day EMA.
On the positive side, the Relative Strength Index has pointed upwards and is nearing the neutral point of 50. The other notable thing is that it has formed a triple bottom and a falling wedge chart patterns.
In price action analysis, these ones are some of the most bullish chart patterns in the market. Therefore, a strong break above the upper side of the descending trendline and the 50-day moving average is a positive sign.
If this happens, the next point to watch will be the 200-day moving average point at $0.0285, which is about 30% above the current level.
The alternative scenario is where VeChain slips and retests the lower side of the wedge chart pattern.
VET chart by TradingView
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