The bull run is currently bumping up against the $5.5 barrier, showing that buyers are attempting to push prices higher. Additionally, a big increase in volume activity supports the same argument and may propel the alternative currency to the $7 level.
At the $5.5 resistance, the HNT price is under supply pressure. The breakdown of the $5.5 resistance might increase prices by 26.6%. The Helium coin's intraday trading volume is $89.6 Million, which is a 75% gain.
In August, the HNT/USDT pair had a significant sell-off that drove the price to a new 52-week low of $3.28. On September 9, however, the sale price drew more customers, raising the price by 58% to $5.5.
The recovery rally for helium coins also retraced for the following two days before restarting its bull run. The price of the coin increased 20% today, testing the common resistance of the 0.235 Fibonacci retracement level, 20-day exponential moving average, and $5.5 level.
Furthermore, strong price rejection at the $5.5 level confirms it as a reliable support, thus a daily candle closing below this level would immediately trigger the price correction.
On the other hand, a breakout over $8.2 will reduce the negative momentum and provide a trend reversal entry signal.
The $5.5 breakout and probable rebound are strengthened by the MACD indicator's bullish crossover between the fast and slow lines. Additionally, the histogram chart displays lengthy green bars that represent intense trading activity.
DMA: A dynamic resistance level against coin purchasers is created by the 20 and 50 DMA.
Bollinger band indicator: Along with the $5.5 breakout, the price of the Helium coin breached the middle of the indicator, indicating that buyers were more aggressive than usual.
