Has Helium Coin’s Relief Rally Reached Its Peak?
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
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