Helium's HNT Token Tumbles 5% Amid Coinbase Delisting Chaos

Hold onto your hats, crypto fans! Helium's HNT token just took a nosedive, plummeting over 5% as selling pressure engulfed the entire Helium ecosystem. The trigger? None other than Coinbase's sudden delisting of the now-defunct Helium Mobile token.

Get this: Helium Mobile (MOBILE) hit rock bottom at a mere $0.00026 on June 27 before clawing its way back up to $0.00027. But don't let that fool you - it's still a staggering 87% lower than its glory days peak of $0.0021 last December.

The timing? Impeccable. Just a day after Coinbase dropped the bombshell, announcing the delisting of MOBILE alongside other tokens like Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) on June 26. Why? Because these old tokens just didn't cut it anymore, with shiny new versions taking their place.

Now, for those of you who've been living under a rock, Helium Mobile's old Solana-based MOBILE token got the boot back in January, thanks to HIP 13. This move was all about streamlining the Helium ecosystem by merging MOBILE and IOT tokens back into the one and only HNT token.

Here's the kicker: while most major exchanges smoothly transitioned MOBILE to HNT earlier this year, Coinbase played the waiting game, leaving users scratching their heads after the delisting news hit.

And it's not just MOBILE feeling the heat. Helium's native token, HNT, and its subnetwork token, IOT, also took a hit, each dropping over 5% in today's bloodbath.

HNT Price Analysis: Brace for Impact

Sure, the Coinbase delisting confusion might clear up soon, but don't hold your breath. The derivatives data is painting a grim picture, with demand for HNT fading faster than a bad meme.

Check this out: open interest in Helium Mobile's futures market took a 16% nosedive in the last 24 hours, hinting at some wild short-term volatility. And get this - the long-short ratio screams "bearish" as traders scramble to cash out.

Investors are also rushing to move their HNT tokens to centralized exchanges like there's no tomorrow. And you know what that means - more sell-side pressure and a potential bloodbath of short-term liquidations.

On the 1-day/USDT chart, HNT couldn't even hold onto its local support at $2.308, falling flat on its face below that level. Talk about a lack of stability!

Now, here's where it gets really ugly. Price action has entered a descending channel, a classic bearish continuation pattern that says, "Get ready for more pain, baby!" As long as HNT stays trapped in this trend, the downward spiral is likely to continue.

The Supertrend line has flipped above the current price, flashing a big, fat sell signal. And if that wasn't enough, the RSI reading at 42 is waving a red flag, shouting, "Buyers, where you at?"

Brace yourselves, folks. With all these signals pointing south, HNT is gearing up for a wild ride down. A drop to the next key support at $0.00020 seems all but inevitable, which would be a gut-punching 10% fall from the current $2.18 level.

But wait, there's a glimmer of hope on the horizon! Helium just dropped a bombshell of their own, teasing a potential partnership with none other than Brazilian football legend Neymar. Details are scarce, but a collab like this could be the lifeline HNT needs to break free from the bearish shackles and reignite investor interest.

Before you go betting the farm, remember: this ain't investment advice. We're just here to keep you in the loop and maybe give you a good chuckle along the way. Stay safe out there, crypto warriors!