Published 3 hours ago
The Helium coin price downfall initiated in Mid august has stalled at the $3.28 mark. However, after marking a new 2022 low of $3.28, the altcoin switched into a sideways rally. Thus, the coin price walked a lateral path for nearly a month, trying to sustain above the newly obtained support.
- A breakout from a symmetrical triangle pattern should end the ongoing consolidation in HNT price.
- The daily-RSI slope on the verge of entering bullish territory reflects the market sentiment is improving
- The intraday trading volume in the Helium coin is $22.3 Million, indicating a 30.2% gain.
The Helium coin price resonating within two converging trendlines indicates a symmetrical triangle pattern formation. Under the influence of this pattern, the price spread has narrowed significantly, reflecting a no-trading zone.
This triangle pattern is considered a continuation pattern, and as per the technical setup, it should resume the prior downfall. A breakout below the support trendline will trigger this chart pattern and replenish the bearish momentum.
A breakdown from the support trendline will tumble the prices by 30% and hit the September low support of $3.3
However, this triangle pattern holds the possibility of a dual-side breakout. Therefore, a breakout above the resistance trendline will encourage a new recovery cycle in helium coins.
Nonetheless, the new traders should avoid entering the market until the coin price is wavering inside the chart pattern.
MACD indicator: contrary to the sideways movement, a steady rise in MACD and signal line indicates growth in bullish momentum. Moreover, a breakout above the indicator midline will give an extra edge for price recovery.
EMAs: The 20-and-50-day EMAs have offered dynamic resistance during the recent downfall in Helium price. Thus, for any recovery attempt, the aforementioned EMAs resistance could be a sharp turning point if market sentiment assists too.
Helium Coin Price Intraday Levels
- Spot rate: $4.62
- Trend: Sideways
- Volatility: medium
- Resistance levels- $5.7 and $6.5
- Support levels- $3.9 and $3.25
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.