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Helium’s price action has seen a considerable amount of gain over the recent sessions. This seems to have started ever since Bitcoin began gaining upside traction. This brought the market to higher ground from the $3.00 price level above the $5.00 mark. However, headwinds have caused the market to retreat below a technical resistance.
Key Price Levels:
Resistance: $4.963, $5.500, and $6.500
Support: $4.500, $4.000, and $3.000
Helium Sees a Moderate Downward Price Contraction
Trading activity in the HNT daily market has retreated below the technical price level of $5.000. The mentioned price level currently acts as a resistance. The upper shadow of the last price candle on this chart points out that headwinds have caused some moderate bearish price contractions.
Nevertheless, the market continues to trade above the Exponential Moving Average (EMA) lines. Also, the Stochastic Relative Strength Index (SRSI) lines can be seen trending sideways at level 100 of the indicator. Despite the downward contraction, we can see that the SRSI lines continue sideways at the 100 level, indicating that upside forces are trying to stay relevant.
HNT Corrects the $5.226 Resistance
The Helium 4-hour market shows that price action has produced a moderate bearish rebound. This occurred as soon as price action popped through the technical resistance at the $5.000 price level. Similar to what we have on the daily chart, trading activities remain above the EMA lines. However, on the contrary, the SRSI indicator has delivered a bearish crossover in the overbought region.
The resulting lines can be seen falling downward towards the 80 mark of the indicator. This shows that downward forces have had a significant effect. However, the lines of the SRSI indicator look somewhat choppy and suggest that downward forces may easily be overcome. Therefore, traders may want to retain the use of crypto signals targeting higher price levels while ensuring necessary precautions.
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