Trendline Breakout Sets Helium Coin Rally to Hit $7

A month-long resistance trendline has limited the bullish growth since early August. This dynamic resistance assists sellers in maintaining the ongoing correction phase. However, with today’s price jump, the Helium Coin buyers showed breakout attempts to surpass the $4.7 resistance. So can buyers trigger a new recovery or sellers, or there’s more in price action?

Key points Helium Coin analysis: 

• The Hunt price face supply pressure at the $4.7 mark
• The daily-RSI slope may soon enter the bullish territory.
• The intraday trading volume in the Helium coin is $27.2 Million, indicating a 26.5% loss.

Source- tradingview

Amid the recent sell-off in the crypto market, the rising Helium price turned down from the resistance trendline at $5.66. As a result, the altcoin tumbled 30..5% and plunged to the $4-$3.95 support zone.

Last week the helium price twice retested the $3.95 mark, indicating the buyers are obtaining suitable floating at this level. However, on the other hand, the sellers are defending the $4.7 resistance, limiting the price growth within a narrow range.

Today, altcoin jumped 16.37% and rechallenged the combined resistance of the downsloping trendline and the $4.7 mark. If the coin buyers gave a daily candle closing above the $4.7 resistance, it would indicate the prior sentiment of selling on rallies is shifted to buying on dips.

The potential rally could drive the Helium prices 94% higher to the $9.3 mark.

On a contrary note, if the selling pressure priest at $4.7 resistance, a possible reversal could pull the price below $5.37 and encourage a revisit to the bottom support of $3.2%.

Technical indicator

Relative Strength Index: the daily RSI nearing the midline indicates the market sentiment is improving. Moreover, a crossover above the mean line will give additional confirmation for a trendline breakout.

EMAs: the declining EMAs of 20, 50, and $100 accentuate an overall bear trend.: Moreover, the 20-day EMA currently offers a constant resistance to Helium price.

Helium Price intraday level

• Spot price $4.74
• Trend; Bullish 
• Volatility Low
• Resistance levels- $8.3 and $10
• Support levels- $6.8 and $6