Helium Price Sets A Revisit $3.2 Accumulation Zone; Buy Again?admin
Published 41 mins ago
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.
- 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.
The HNT 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.
Thw 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 HNT price 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.
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
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.