Coinbase Halts Trading for Helium Mobile Token
Coinbase, a leading cryptocurrency exchange, has officially ceased trading of the now-obsolete Helium Mobile (MOBILE) token, leading to a notable selloff in related cryptocurrencies. This decision, announced in late May and put into effect on June 26, has sparked worries among investors regarding the future of Helium’s native token, HNT, and its overall market viability. The suspension of trading for MOBILE, along with other tokens such as Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN), resulted from a standard asset evaluation. This review determined that these older tokens no longer satisfied Coinbase’s listing requirements due to advancements in their respective ecosystems and protocol changes. While other exchanges have already transitioned the deprecated Solana-based MOBILE token into HNT following the implementation of HIP 13 earlier this year, Coinbase’s delay has left many users uncertain about the token’s status. This uncertainty has contributed to increased market volatility, with significant price declines observed in both MOBILE and HNT.
Impact on Helium Ecosystem
On June 27, MOBILE’s price plummeted to a low of $0.00026, representing an approximate 88% decrease from its peak of $0.0021 in December 2024. Although it recovered slightly to $0.00027, the overall market sentiment remains negative, and the token continues to face strong downward pressure. The repercussions of this situation have also affected the broader Helium ecosystem, as HNT experienced a decline of over 5%, mirroring a similar downturn in the IOT token, which indicates growing apprehension among investors. Market analysis revealed a 16% drop in open interest within Helium’s derivatives market within a single day, suggesting that traders were rapidly closing their positions amid the ongoing instability. The long-short ratio appears bearish, and an increase in HNT transfers to centralized exchanges points to escalating sell-side pressure.
Current Price Analysis for HNT
As of June 27, HNT is trading at $2.19, reflecting a 2.4% decrease in the last 24 hours and a nearly 42% drop over the past month. The price has fallen below its former support level of $2.308, which has now turned into a resistance zone, indicating weak price stability and a decline in buyer confidence. From a technical perspective, HNT has entered a descending channel pattern, typically indicative of a continued downward trajectory unless countered by strong buying activity or a market catalyst. The Supertrend indicator now sits above the current price, emphasizing a bearish outlook and signaling a reduction in upward momentum. Should this bearish trend persist, analysts predict that the HNT token may test the next significant support level around $2.00, with a potential deeper drop towards $1.80 in a high-volume liquidation scenario.
Potential for Market Recovery
Despite the immediate challenges, the Relative Strength Index (RSI) on the daily chart, which had dipped below 30 and entered the overbought zone, has seen a slight recovery to above 33, suggesting a minor respite from bearish pressure. In a positive turn of events, Helium’s development team has hinted at a possible partnership with renowned Brazilian football player Neymar. This association could potentially revitalize interest and bolster confidence in the Helium project. Although specific details are yet to be disclosed, even minimal endorsements from a globally recognized figure like Neymar could shift narratives at a time when Helium’s credibility is under scrutiny. Currently, Helium maintains a market capitalization of $402 million with a circulating supply close to 184 million tokens, indicating a solid foundation. However, short-term sentiment remains wary. The pressing question is whether Helium can regain investor trust through network expansion, increased adoption, or partnerships strong enough to reverse the prevailing bearish trend. Until such developments emerge, traders are likely to remain cautious, closely monitoring technical indicators and ecosystem progress for signs of a meaningful recovery.
