Helium Price Analysis: This Bullish Pattern Can End The Correction Phase In HNT Coin
The technical chart of HNT/USD maintains an overall bullish trend in the coin. The price is currently under a usual retracement phase which has dropped to 0.5 FIb level. This chart also shows a bullish Flag pattern, indicating an excellent long opportunity when the price breaches the resistance trendline.
Key technical points:
- The HNT coin forms a Flag pattern in the 4-hour time frame chart
- The HNT daily RSI showed a striking drop in its value
- The intraday trading volume in the HNT coin is $33 Million, indicating a 16.43% hike.
Source- HNT/USD chart by Tradingview
The first half of November was strongly bullish for the HNT coin, making a New All-Time High of the $59 mark. The coin was up by 124% from the month low, and after experiencing intense selling pressure from those levels, the coin began a correction phase.
So far, this pullback has plunged the coin price to 0.5 Fibonacci retracement level, which is a 35% loss from the ATH level. Furthermore, the 50 EMA line confluence with the FIB level provides good support to the HNT price. The Relative Strength Index(47) presented a significant drop in the retracement, offering even more room for potential growth.
HNT/USD 4-hour Time Frame Chart
Source- HNT/USD chart by Tradingview
In the retracement phase of the coin, the HNT price revealed a Flag pattern in the 4-hour time frame chart. This pattern is known for a strong bullish movement when the price gives a breakout from the overhead resistance trendline.
Moreover, the traditional pivot level displays strong confluence with significant levels of the chart, as per these pivot level, next resistance level for the coin price at $41.6, followed by $47. And on the flip side, the support levels are $34.8 and $29.4
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