Here’s Why Helium Coin Price Could Soon Trigger A Direction Rally

Last updated: 2022/09/27 at 5:59 AM

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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.

Contents

Key points: Technical indicator Helium Coin Price Intraday Levels

Key points:

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.

Source- tradingview

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.

Technical indicator

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.