Helium Coin Price Skyrocketed 30%, But What Next?

From the top 100 cryptocurrencies listed on coinmarketcap, Helium is the only coin trading in green. The prices rebounded from a $3.2 support offering a new relief rally. This rally could surge the prices to the $5 to $5.7 level, but will it sustain?

Key points from Helium price analysis: 

• The HNT price rebounded from the $3.2 support with a bullish engulfing candle
• The daily RSI slope escapes the oversold region
• The intraday trading volume in the Helium coin is $101.2 Million, indicating a 376% loss.

Source- tradingview

The Helium technical chart showcased a directional fall since it lost the $8.2 support around Mid August. As a result, the coin price depreciated 59.2% as it plunged to a new 52-week low of $3.28.

However, despite most cryptocurrencies being painted red and Bitcoin plunged below the $19000 mark, the Helium coin price stands high with a bullish engulfing candle. The coin price rebounded from the $3.28 mark and surged 30% higher to currently trading at $4.22.

This bullish reversal with a massive spike in volume indicates more buyers are entering at discounted prices. With sustained buying, the HNT price could rise 16% before hitting the psychological level of $5. 

The coin price will test the buyer’s commitment at this resistance and validate if prices can rise higher. However, such a sudden pump is quite unnatural amidst a strong bear market. 

Therefore, the Helium coin price is expected to turn down from $5 or $5.8 resistance to retest the $3.28 potential support.

Technical indicator

Relative Strength Index: the RSI slope shows a perpendicular growth from the oversold region indicating high demand pressure at lower prices. A crossover above midline will give additional confirmation for sustained recovery.

EMAs: the downsloping crucial EMAs(20, 50, 100, and 200) indicate a strong momentum downtrend. Moreover, the 20-day EMA’s dynamic resistance keeps the bullish growth under the limit.

Vortex indicator: a wide gap between the bearishly aligned VI+ and VI- indicates weakness in bearish momentum despite the price jump.

• Resistance levels- $5 and $5.8
• Support levels- $3.28 and $2.45