Has Helium Coin’s Relief Rally Reached Its Peak?
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Posted 10 minutes ago
Helium coin price has recovered 77% in the last four days. The bull run is currently challenging the $5.50 resistance, indicating that buyers are trying to rally on the second leg. Additionally, a significant pump in volume activity supports the same cause and could push the altcoin to the $7 mark.
- HNT price faces supply pressure at $5.5 resistance
- A breakout of $5.5 resistance could push prices up 26.6%
- Helium coin’s intraday trading volume is $89.6 million, representing a 76.5% gain.
Source- trade view
Helium coin price analysis
The HNT/USDT pair saw a massive sell-off in August, pushing the price to a new 52-week low of $3.28. However, on September 9, the reduced price attracted more buyers and pushed prices 58% higher to $5.50.
In addition, the helium coin recovery rally continued for the next two days before continuing its bull run. Today, the coin price jumped 20% and challenged the shared resistance at the 0.235 Fibonacci retracement level, the 20-day EMA and the $5.5 mark.
A candlestick closing above the $5.5 mark could extend the recovery rally to $7 or $8.2. This resistance at $8.2, in line with the 0.5 FIB, forms an area of high interest that could help sellers continue the downtrend.
Moreover, the high price rejection of $5.5 confirms it as a viable support and therefore a daily candle close below this level will immediately resume the price correction.
Conversely, a breakout above $8.2 will weaken the downward momentum and provide a sign of a trend reversal.
MACD indicator: a bullish crossover between the fast and slow lines supports a breakout of $5.5 and a potential recovery. Additionally, the histogram chart shows long green bars indicating strong buying activity from traders.
DMA: The 20 and 50 DMA acts as dynamic resistance against buyers of the coin.
Bollinger Band Indicator: Along with the $5.5 breakout, the helium coin price broke the indicator’s midline, suggesting that buying is more aggressive than average trading.
- Resistance levels – $7 and $8.2
- Support levels – $5.5 and $4.6
The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.
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