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Report: Helium caught in a web of falsehoods about its partnerships

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Report: Helium caught in a web of falsehoods about its partnerships

Report: Helium caught in a web of falsehoods about its partnerships Oluwapelumi Adejumo · 11 hours ago · 2 min read

Crypto community members say the developers have to be brought to book as the purported partnerships were used to draw in unsuspecting investors.

2 min read

Updated: July 31, 2022 at 10:48 pm

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Cover art/illustration via CryptoSlate

Reports have emerged that Helium (HNT) has misled the public about its partnerships. According to the reports, the company has no collaboration with Lime or Salesforce, as it touts on its website.

No Lime partnership

A Mashable report revealed that Lime does not have any partnership with Helium.

The transportation company has denied having any partnership with Helium since 2019 and claimed it only had initial testing of the blockchain technology firm.

Lime senior director for corporate communications Russell Murphy said:

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“Beyond an initial test of its product in 2019, Lime has not had, and does not currently have, a relationship with Helium.”

Murphy added that part of the condition for the trial is that Helium would not use its name for promotional material. Helium violated that condition and stated it is “trusted by” Lime.

Despite Lime knowing about these misrepresentations, the company has failed to take legal action. However, Lime plans to send a cease and desist letter to the crypto company soon.

Salesforce denies partnership

Another company that Helium claims to have a partnership with, Salesforce, has denied the existence of any relationship.

Salesforce and Lime logos appear on Helium’s website as part of the companies using the firm’s tech.

Salesforce spokesperson Ashley Eliasoph has denied this. Eliasoph said:

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“Helium is not a Salesforce partner,” and regarded the graphic on the website showing the Salesforce logo as inaccurate.

Meanwhile, Helium has removed both Salesforce and Lime logos from its website. It also did not respond to media inquiries on the subject.

Crypto community reactions

These new revelations about the crypto project came when the company faced increased scrutiny from crypto community stakeholders about its revenue.

In a recent Twitter thread, Angel investor Liron Shapira described Helium as a failed project where he explained that the company had little revenue despite spending millions.

The project’s Reddit community members have added that the developers needed to be brought to book as the purported partnerships were used to draw unsuspecting investors.

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Analysis

Biggest Movers: HNT Nears 1-Week High, As XMR Rebounds On Friday

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Biggest Movers: HNT Nears 1-Week High, As XMR Rebounds On Friday

HNT was moving towards a one-week high on Friday, as it rebounded following losses in yesterday’s session. Prices have now risen for two of the last three days, and this comes as XMR climbed for the first time in nearly two weeks.

Helium (HNT)

HNT was trading higher today, as bulls re-entered the market following a red wave that hit prices during Thursday’s session.

Following a low of $9.97 during yesterday’s session, HNT/USD raced to an intraday peak of $11.42 earlier in the day.

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The move sees HNT move back above its resistance level of $10, and it now looks to be heading for a seven-day peak at $11.90.

HNT/USD – Daily Chart

As of writing, helium is currently trading around $11.16, as earlier bulls have vacated their position, instead choosing to secure gains.

Despite this, the current short-term momentum remains bullish, leading the 14-day RSI away from oversold levels.

Currently the Relative Strength Index is trading at 55.31, which is marginally below a ceiling of 58.10, which seems to be the next target for bulls.

Monero (XMR)

June has been far from kind to XMR traders, with the token in the red for the majority of the month so far.

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XMR/USD rose to an intraday high of $116.16 earlier on Friday, which comes less than 24-hours after prices were trading at $104.82.

This move follows a streak that saw monero move to lower lows for a period of two weeks.

XMR/USD – Daily Chart

As a result of these declines, XMR fell to its lowest point since September 2020 earlier in the week, however following today’s surge, we are now slightly above this point.

It is yet to be seen if this level will be a support level, or if bears will continue to look to settle on new price floors.

After hitting a low of 21.45 yesterday, the RSI is now tracking marginally below a resistance of 25.30, and should this point be broken, we could see a move towards $120.

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Do you expect any significant moves in crypto this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Biggest Movers: THETA, HNT Rise Over 20%, Despite Crypto Crash

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Biggest Movers: THETA, HNT Rise Over 20%, Despite Crypto Crash

THETA was trading higher on Tuesday, as prices rebounded, moving away from multi-year lows in the process. HNT also rallied, climbing by as much as 20% earlier in today’s session.

Theta Network (THETA)

THETA was one of the most notable movers during today’s session, as prices gained by nearly 20% earlier in the day.

Following a low of $0.9688 to start the week, THETA/USD rose to an intraday peak of $1.22 on Tuesday.

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Today’s surge saw THETA move away from yesterday’s bottom, which is the lowest level prices have been since December 2020.

THETA/USD – Daily Chart

As of writing, prices are now back above $1.00, and are trading slightly above a key support point of $1.14.

Should this floor begin to stabilize, we could see bulls slowly re-enter the market, and gradually look to regain price momentum.

For this to happen, the 14-day RSI must remain above its own support point at the 40 level, and move to break past resistance of 42 thereafter.

Helium (HNT)

HNT was another big mover on Tuesday, as prices rebounded, ending a streak of four straight daily declines.

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Helium hit an intraday high of $10.21 earlier in today’s session, which comes less than a day after trading at a low of $7.45.

Despite these declines, prices rose by as much as 23% today, moving past resistance of $9.80 in the process.

HNT/USD – Daily Chart

However, following the earlier breakout, momentum in HNT has slightly eased, with prices once again trading below $10.

This is likely a result of the Relative Strength Index finding a support point of its own at 50, with previous bulls using this as an ideal exit point.

Overall, the bullish momentum still remains, and should we see a breakout above this ceiling, the traders will likely look to target the $12 level.

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Is HNT going to hit $12 before the end of the week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Altcoins

Helium’s [HNT] latest test opens door to these possibilities

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Helium’s [HNT] latest test opens door to these possibilities

Helium’s native cryptocurrency HNT has sold off significantly since its historic all-time-high of $59 in November 2021. Interestingly, a closer inspection reveals that it has been trading in a wedge pattern. One restricted by a descending resistance line and a structural support.

Here’s what the charts say

HNT’s price action over the last 10 days also reveals a retest of resistance around the $27-level last week. The retest concluded the cryptocurrency’s bull run from mid-March and marked the beginning of a bearish weekly performance.

Judging by the ongoing retracement, it looks like the bears have now retested support at the $22-level.

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Source: TradingView

Here, it’s worth looking at HNT’s past performance too. According to the same, the $22-price level is a tried and tested structural support level. Furthermore, while the price was not oversold on the 1-day chart, the situation seemed different on the 4-hour chart.

Source: TradingView

As per the 4-hour chart, the price has enjoyed an uptick over the last few hours after briefly being oversold. Its MFI registered significant inflows after briefly being oversold, while the DMI registered a decrease in bullish momentum.

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Finally, some of HNT’s on-chain metrics seemed to correlate with the bounce back from support. Its volume and market cap have declined significantly over the last 7 days and this was reflected in its bearish performance.

However, the same metrics have also recorded a significant uptick in the last 24 hours, with the same corresponding with the cryptocurrency’s current price action.

Source: Santiment

Accounting for HNT’s latest performance

HNT’s bearish price action, by and large, has correlated with the wider market’s performance. It might also have been aided by a notable drop in proof-of-coverage witness activity last week. This was around the same time HNT bears took over the price charts.

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Worth pointing out, however, that at press time, Helium had confirmed improved activity after adding extra seed nodes.

HNT’s price outlook

HNT is currently in a tight zone courtesy of the support and resistance convergence. This means that a breakout is imminent, but its direction will likely be subject to market sentiments. Favorable market conditions may lead to a bullish breakout.

On the contrary, more FUD could trigger further sell-offs, leading to a breakout below current support.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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