Helium (HNT) experienced a significant drop of over 5% today as selling pressure spread across the ecosystem following Coinbase’s decision to delist the deprecated Helium Mobile token. The price of Helium Mobile (MOBILE) plummeted to an intraday low of $0.00026 on June 27 before slightly recovering to $0.00027 at the time of writing. This marks an 87% decrease from its peak last December of $0.0021.
The decline in the token’s price came shortly after Coinbase announced the delisting of Helium Mobile (MOBILE) along with other tokens like Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) on June 26. The exchange cited the release of new versions of these tokens as the reason for delisting, stating that the older tokens no longer met their listing standards.
Helium Mobile’s old Solana-based MOBILE token was officially deprecated in January following the implementation of HIP 13, which aimed to simplify the Helium ecosystem by consolidating MOBILE and IOT tokens back into a unified HNT token. While most major exchanges had already auto-converted MOBILE to HNT earlier this year, Coinbase’s delayed transition caused confusion among users following the delisting announcement.
The native token of Helium, HNT, and its subnetwork token, IOT, also experienced a drop of over 5% in today’s downturn.
Analyzing the price of HNT, it appears that demand for the token is fading. Derivatives data shows a 16% decrease in open interest in Helium Mobile’s futures market over the past 24 hours, indicating potential short-term volatility as traders lean towards a bearish sentiment. Additionally, investors are increasing their transfers of HNT tokens to centralized exchanges, signaling growing sell-side pressure and possible short-term liquidations.
On the 1-day/USDT chart, HNT failed to hold its local support level at $2.308, slipping below this threshold and indicating a lack of price stability. Price action has entered a descending channel, a bearish continuation pattern that suggests sustained downward movement as long as the token remains within the trend. The Supertrend line has flipped above the current price, signaling a sell trend, while the RSI reading at 42 indicates diminished buying interest and rising downside risk.
It is likely that HNT will continue its downward trajectory, potentially dropping towards the next key support at $0.00020, representing a 10% decrease from the current price level at $2.18. However, Helium recently hinted at a potential partnership with Brazilian football legend Neymar, which could reignite interest in the project and counter the current bearish momentum.
Disclaimer: This article is for educational purposes only and does not constitute investment advice.