The minimal volume associated with this rebound, however, suggests that prices are experiencing a minor relief rally. The current drop may therefore continue below $3.33 if a hypothetical reversal from the declining trendline occurred.
The downsloping trendline may be the starting point for the current correction in the price of helium. The resistance trendline could start a fresh rally for recovery. The Helium coin's intraday trading volume is $17.5 Million, which is a 24% gain.
The second half of August saw a continuous decline for Helium holders, pushing the cryptocurrency price to a new low for 2022 of $3.28. A sinking trendline has also offered dynamics3 resistance to these values, as the technical chart demonstrates.
The fact that this trendline has been tested numerous times shows that traders are actively selling at this resistance. The coin chart displayed a bearish reversal from the trendline on September 11th, and the price fell by 29.3% to reach the $4 level.
With a tweezer bottom candle, the buyers succeed in pushing the price back up from this psychological support. This bullish candle pattern shows that the altcoin has solid ground to support further rallying.
As a result, over the past two days, the price of helium has recovered by 8.3%. However, the volume activity's decline suggests that buyer commitment is poor. As a result, in such conditions, the values of cryptocurrency are likely to revert lower if they cross the trendline.
On the other hand, if the buyers are successful in breaking through this resistance, it will show that the market has changed its attitude from selling on rallies to buying on declines. For traders who are interested, this trendline breakout may present a buying opportunity.
The RSI slope is swaying below the midline, indicating a bearish market attitude, according to the relative strength index.
EMAs: The critical downsloping EMAs (20, 50, 100, and 200) emphasise a general decline and provide numerous barriers to a prospective upswing. An extra barrier is formed by the 20-day EMA's alignment with the resistance trendline.
Levels of resistance: $5.72 and $7
levels of support: $4 and $3.32
