Helium had a splendid performance during the previous intraweek session. Although it had a bad start to the week, it recovered and closed with notable changes in value.
Wednesday was when the bearish trend ended. The asset opened at $5.82 but dropped to $5.58 as the downtrend threatened to continue. It rebounded and retested the $7 resistance. Following a brief flip, it dropped to a close at $6.90 with gains of almost 17%.
Two days later, it gained stability above the said mark. It peaked at $7.47 but ended the day at $7.31. It is worth noting that during the next intraday session, it tested the $8 resistance. However, it failed but registered gains of more than 8%.
Sunday’s price action shades more light on what is affecting the coin at the time. HNT broke $8 and peaked at $8.47 before retracement. In the end, the coin lost 3%. The same event played out on Monday as the alt broke the said mark again but closed below it.
Based on previous price movements, the asset struggles to gain stability above $8. The last time Helium broke the said mark was in December and several catalysts played out. The foremost was fundamentals. This caused a sustained uptrend with small corrections.
At this time, the same catalyst is not present as the altcoin is unable to sustain the current uptrend. Nonetheless, there are indications that $8 will flip and become support for an extended time.
Helium Will Flip $8
The first indication is the Moving Average Convergence Divergence. The metric showed that HNT had a bullish divergence a few days ago. The Relative Strength Index is another positive indicator. Over the last four days, RSI remained above 52.
The same stability in indicators also reflected on prices. Over the last five days, HNT traded above $7.30. If this trend continues, the altcoin will break and gain stability it. This will also send it as high as $9.
