- Helium price action reflects a pole and flag pattern on the hourly price chart after noticing a 6-month low.
- Helium investors are struggling to establish dominance above the 20-day exponential moving average on the daily price chart.
- The helium coin is up 6% at 0.0002991 satoshis with the bitcoin pair.
Helium Coin played an unfair game with investors as price action took an amazing bullish rally in October 2021. Still, golden times are gone, and bears have also taken advantage of a great opportunity. As a result, the bulls got trapped and faced selling pressure since mid-November.
During the downtrend, HNT coin stays below the downward trendline (yellow), and as per live price, the important selling zone of the bears is well above the current price, where sellers may attempt to sell again.
HNT price recently recorded a 52-week low of $6.5 mark, which is an important hedge area for the bulls, but now the bulls are trying to recover, but the buying force seems weak; Therefore, Helium investors are struggling to establish dominance above the 20-day exponential moving average on the daily price chart.
At the time of writing, the Helium coin is trading at the $8.8 mark, with a slight sideways movement in an intraday trading session.
Meanwhile, the market cap is above $1 billion as traders from the previous night saw a 3% gain over the past 24 hours. Furthermore, the helium coin is up 6% at 0.0002991 satoshis with the bitcoin pair.
Bulls are aiming conceptual round level of $10
In terms of the daily price chart, the Stoch RSI shows an upcoming retracement signal for the Helium coin as it reversed from the overbought zone.
However, the daily volume bar again moves up with a red sell bar while staying below the moving average. But with trading volume up 7% last night, the bulls still need to accumulate more.
Moreover, the MACD started moving higher after approaching the neutral zone to reflect a bullish crossover and signs of an impending bullish rally.
Conclusion
Helium investors need to push the asset above the 20 EMA to protect themselves from overselling. But the bears’ critical selling area (downward trend) is well above the current price, where sellers may attempt to sell again during an uptrend.
Support level- $6,5 and $5.0
Resistance level- $10 and $16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.