HNT dropped over 5% as selling pressure spread across the Helium ecosystem following Coinbase’s delisting of the deprecated Helium Mobile token.
According to data from crypto.news, Helium Mobile (MOBILE) price dropped to an intraday low of $0.00026 on June 27 before recovering slightly to $0.00027 as of press time. It remains around 87% lower than its last December high of $0.0021.
The token’s price drop today came shortly after crypto exchange Coinbase announced that it had delisted Helium Mobile (MOBILE) alongside other tokens, including Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN), on June 26. The reason cited was that new versions of these tokens have been released, with the older tokens no longer meeting listing standards of the exchange.
For the uninitiated, Helium Mobile’s old Solana-based MOBILE token was officially deprecated in January this year following the implementation of HIP 13, a proposal to simplify the Helium ecosystem by consolidating MOBILE and IOT tokens back into a unified HNT token.
While most major exchanges auto-converted MOBILE to HNT earlier this year, Coinbase had delayed the transition, leading to confusion among users after the recent delisting announcement.
Helium’s native token, HNT, and its subnetwork token, IOT, also fell in today’s downturn, each dropping over 5%.
HNT price analysis
While the confusion surrounding the Coinbase delisting will likely be cleared soon, a look at derivatives data still suggests demand for HNT was fading.
According to data from CoinGlass, open interest in Helium Mobile’s futures market has dipped by 16% over the past 24 hours, which could translate into some short-term volatility as the long-short ratio suggested traders were leaning bearish.
Investors also seem to be increasing their transfers of HNT tokens to centralized exchanges, a trend that typically signals growing sell-side pressure and a potential uptick in short-term liquidations.
On the 1-day/USDT chart, HNT has failed to hold its local support level at $2.308, slipping below this threshold, which shows a lack of price stability.
Price action has now entered a descending channel, a bearish continuation pattern that typically suggests sustained downward movement as long as the token remains confined within the trend.
The Supertrend line has flipped above the current price, signaling a shift to a sell trend. Further, the RSI reading at 42 also points to diminished buying interest and rising downside risk.
Given these signals, the HNT token is likely to extend its downward trajectory. A drop toward the next key support at $0.00020 appears probable, which would represent a drop of approximately 10% from the current price level at $2.18.
That said, Helium recently teased a potential partnership with Brazilian football legend Neymar. While details remain limited, such a collaboration could renew interest in the project and provide a counterweight to the current bearish momentum.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
