October 3, 2022

Helium Price Analysis: This Bullish Pattern Can End The Correction Phase In HNT Coin

2 min read

< img width="1200"height= "630"src=" https://cdn.coingape.com/wp-content/uploads/2021/12/02191435/377794.jpg "class="attachment-full size-full wp-post-image"alt= ""design=" float: right; margin:0 0 10px 10px;"/ > The technical chart of HNT/USD keeps a total bullish pattern in the coin. The rate is presently under a normal retracement stage which has dropped to 0.5 FIb level. This chart also shows a bullish Flag pattern, suggesting an excellent long opportunity when the cost breaches the resistance trendline.

Key technical points:

  • The HNT coin forms a Flag pattern in the 4-hour timespan chart
  • The HNT day-to-day RSI revealed a striking drop in its worth
  • The intraday trading volume in the HNT coin is $33 Million, indicating a 16.43% walking.

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/y/YSUdHywZ.png"alt= "TradingView Chart"/ >

Source-HNT/USD chart by Tradingview The very first half of November was highly bullish for the HNT coin, making a New All-Time High of the $59 mark. The coin was up by 124% from the month low, and after experiencing intense selling pressure from those levels, the coin started a correction stage.

So far, this pullback has actually plunged the coin price to 0.5 Fibonacci retracement level, which is a 35% loss from the ATH level. Furthermore, the 50 EMA line confluence with the FIB level offers good support to the HNT rate. The Relative Strength Index( 47) provided a significant drop in the retracement, offering much more space for prospective growth.

HNT/USD 4-hour Time Frame Chart

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/h/hcjuyVlY.png"alt="TradingView Chart"/ > Source-HNT/USD chart by Tradingview

In the retracement stage of the coin, the HNT cost exposed a Flag pattern in the 4-hour amount of time chart. This pattern is known for a strong bullish movement when the cost provides a breakout from the overhead resistance trendline.

Additionally, the standard pivot level shows strong confluence with considerable levels of the chart, according to these [ivot level, next resistance level for the coin rate at $41.6, followed by $47. And on the other hand, the support levels are $34.8 and $29.4

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