Has the Helium Coin relief rally peaked?

Posted 2 hours ago

The price of helium coins has recovered 77% over the past four days. The bull run is currently challenging the $5.5 resistance, indicating that the buyers are attempting another leg higher. Moreover, a major pump of volume activity reinforces the same cause and can push the altcoin to the $7 mark.

Key points

  • HNT price is facing supply pressure at the $5.5 resistance
  • Breaking the $5.5 resistance could push prices up 26.6%
  • The intraday trading volume of the Helium coin is $89.6 million, indicating a gain of 76.5%.

Helium Coin ChartSource- business view

Helium Coin Price Analysis

The HNT/USDT pair saw a selloff in August that plunged the price to a new 52-week low at $3.28. However, on September 9, the reduced price attracted more buyers and pushed prices up 58% to $5.5.

Additionally, the helium coin recovery rally retraced for the next two days before continuing its bull run. Today the coin price jumped 20% and challenged the common resistance of the 0.235 Fibonacci retracement level, the 20-day EMA and the $5.5 mark.

A candlestick closing above the $5.5 mark could extend the rally to $7 or $8.2. This $8.2 resistance aligned with 0.5 FIB forms a high area of ​​interest that could help sellers resume the bearish slide.

Additionally, the rejection of high prices at the $5.5 mark validates it as viable support, and thus a daily candle closing below this level will immediately continue the price correction.

On the contrary, a break above $8.2 will weaken the bearish momentum and offer a sign of trend reversal entry.

Technical indicator:

MACD Indicator: a bullish cross between the fast and slow lines reinforces the breakout of $5.5 and potential recovery. Additionally, the histogram shows long green bars indicating strong buying activity from traders.

AMD: the 20 and 50 DMA acts as a dynamic resistance level against the coin buyers.

Bollinger Band Indicator: Along with the breakout of $5.5, the price of the Helium coin broke through the midline of the indicator, suggesting aggressive buying against average trading activity.

  • Resistance Levels – $7 and $8.2
  • Support levels – $5.5 and $4.6

For the last 5 years, I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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Carol N. Valencia