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The price of helium coins increased 30 Percent, but what comes next?

08-Sep-2022 By: Shikha Jha
The price of helium

Helium is the sole cryptocurrency trading in green out of the top 100 cryptocurrencies listed on CoinGabbar. From a $3.2 support, the prices rose again, triggering a fresh relief rally. Price increases of $5 to $5.7 may result from this rise, but will it last?

A bullish engulfing candle helped the HNT price recover from the $3.2 support. The oversold territory is exited by the daily RSI slope. The Helium coin's intraday trading volume is $101.2 Million, which is a loss of 376%.

The technical chart for Helium showed a directional decline ever since it lost the $8.2 support in the middle of August. The coin price decreased as a result, falling by 59.2% to a new 52-week low of $3.28.

However, the price of the Helium currency is strong with a bullish engulfing candle, despite the majority of cryptocurrencies being painted red and Bitcoin falling below the $19000 level. The coin price increased 30% to its current level of $4.22 after recovering from the $3.28 level.

At this resistance, the coin price will gauge the buyer's commitment and determine whether prices may increase. However, in the midst of a strong bear market, such a quick pump is highly abnormal.

Technical indicator

Relative Strength Index (RSI): The slope of the RSI shows a perpendicular growth from the oversold region, indicating considerable demand pressure at lower prices. A crossover above the midline will provide further assurance of a prolonged recovery.

EMAs: A strong momentum downturn is indicated by the critical EMAs (20, 50, 100, and 200) trending downward. Additionally, the dynamic resistance of the 20-day EMA maintains the bullish expansion within bounds.

Vortex indicator: despite the price spike, a large gap between the bearishly aligned VI+ and VI- suggests weakness in the bearish momentum.

Levels of resistance: $5 and $5.82

Levels of assistance: $3.28 and $2.44

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