- The Helium token price is hovering around the demand zone on a daily time frame.
- The Helium token price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of Helium/BTC is trading at the price level of 0.00022 with an increase of 1.34% in the past 24 hours.
The Helium token price as per the price action is bearish as seen on a daily time frame. The token price faced the heat of the overall cryptocurrency market as it failed to break out of the supply, falling back to the long-term demand zone. The Helium token price is currently consolidating in a small range on a daily time frame. At present, the token price is forming lower low and lower high formation in a lower time frame. Recently bouncing back off the demand zone, resulted in the pullback of the bigger bullish rally, as the token price fell again. The Helium token price is trading below the 50 and 100 Moving Averages. The Helium token price broke the important Moving Averages siding in last week’s sell-off. Moving upwards the token price can be seen facing rejection of these MAs. Currently, the Helium token price is trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. The token price has also fallen below the 14 SMA. Volumes have increased due to a rapid fall in the Helium token price.
The Helium token price is forming a symmetrical triangle pattern on a daily time frame
Moving Average Convergence Divergence: The HELIUM token price has managed to sustain above the demand zone after falling heavily during the past month. A recent fall in the price has resulted in the MACD indicator triggering a negative crossover. If the token price does not sustain above the current demand zone and falls, then the MACD lines can be seen widening supporting the trend.
Relative Strength Index: RSI curve is trading at the price of 45.87 as the token fell to the demand zone. At present, the RSI curve has crossed the 20 SMA. The token is forming lower low and lower high formation on a 4-hour time frame as the token shows bearishness in the higher time frame. The Helium token price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend, crossing the 50-halfway mark
Average Directional Movement Index: ADX curve has been falling for the past couple of days. This has come after the token price failed to surpass the supply zone. At present, the ADX curve is transacting at 24.45. Recent bearishness has resulted in the ADX curve slipping below the 25 Mark. If the token price fails to bounce off the demand zone, the ADX curb can be seen losing strength and falling further.
CONCLUSION: The Helium token price is trading at the demand zone, and as the price action suggests, is forming a continuation chart pattern. As per technical parameters, the token price can stay in a bearish trajectory. Although the token price has formed a bullish candlestick pattern at the demand zone, it remains to see if the Helium token price successfully bounces off the demand zone or falls below it. An investor should remain cautious and wait for a proper signal and then act accordingly.
SUPPORT: $4.3 and $4.1
RESISTANCE: $6.7 and $7.1