Published 2 hours ago
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.
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.
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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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