Published 2 hours ago
The Helium coin price has recovered 77% over the past four days. The bull run currently challenges the $5.5 resistance, indicating buyers attempt for another leg higher. In addition, a significant pump in volume activity bolsters the same cause and can push the altcoin to the $7 mark.
Key points
- The HNT price face supply pressure at the $5.5 resistance
- The $5.5 resistance breakout may surge prices by 26.6%
- The intraday trading volume in the Helium coin is $89.6 Million, indicating a 76.5% gain.
Source- tradingview
Helium coin price analysis
The HNT/USDT pair witnessed a massive sell-off in august which plunged the price to a new 52-week low of $3.28. However, on September 9th, the discounted price attracted more buyers and pushed the prices 58% higher to $5.5.
Furthermore, 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 shared resistance of 0.235 Fibonacci retracement level, 20-day EMA, and $5.5 mark.
A candlestick closing above the $5.5 mark could extend the recovery rally to $7 or $8.2. This $8.2 resistance aligned with 0.5 FIB forms a high area of interest which could assist sellers in resuming the bearish fall.
Moreover, high price rejection at the $5.5 mark validates it as viable support, and therefore a daily candle closing below this level will continue the price correction right away.
On a contrary note, a breakout above $8.2 will weaken the bearish momentum and offer an entry sign of trend reversal.
Technical indicator:
MACD indicator: a bullish crossover between the fast and slow lines bolsters the $5.5 breakout and potential recovery. Moreover, the histogram chart shows long green bars indicating strong buying activity from traders.
DMA: the 20 and 50 DMA acts as a dynamic resistance level against coin buyers.
Bollinger band indicator: along with the $5.5 breakout, the Helium coin price breached the indicator midline suggesting the buying are aggressive than the average trading activity.
- Resistance levels- $7 and $8.2
- Support levels- $5.5 and $4.6
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/has-helium-coins-relief-rally-reached-its-peak/