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.
- 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%.
Source- 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.
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
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