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Amid the increasingly negative sentiment in the crypto market for high CPI data, the Helium coin price offset a bullish pattern. This development happened when the prices breached the rising support trendline, indicating the sellers possess trend control. A potential downfall could plunge the price to the $3.2 mark.
Key points:
- A Bearish breakdown from the support trendline suggests a revisit to the $3.2 support
- The Helium coin price obtains constant resistance from 20-and-50-day EMAs
- The intraday trading volume in the Helium coin is $27.2 Million, indicating a 26.5% loss.
Source- tradingview
The Helium coin price had promised a recovery rally over the past weeks resulting in a 78% jump from $3.2 to the bearish ceiling of $5.7. The price action also led to a supporting trendline building an ascending triangle in the daily chart.
However, the downfall of 4.7% on 7th October led to the bearish fallout of the support trendline, nullifying the bullish pattern. Currently, the fallout rally displays a diagonal trend struggling to reach the $3.2 support level, highlighting increased demand at lower levels.
The daily candle shows intraday jump of 3.39% but struggles to surpass the 20-day EMA leading to higher price rejection.
Therefore, the struggling bearish powers to find momentum for the fallout rally increases the possibility of a bullish turnaround. Thus, a bullish breakout of the opposing EMA will signal an early sign of trend reversal and may surge the altcoin to $5.7 resistance.
On a contrary note, a possible reversal from the trendline will highlight a retest entry and prolong the downfall to the $3.2 mark.
Technical indicator
EMAs: the 20-and-50-day EMA has acted as excellent dynamics resistances during the ongoing downfall. Until these resistance EMAs are intact, the coin holders can expect an aggressive downfall.
MACD indicator: the MACD and signal line breakdown from the midline accentuates a negative among market participants.
- Resistance levels- $5.7 and $6.75
- Support levels- $3.9 and $3.1
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