Following the steep decline triggered on 29 August on the HEL/USDT pair, bearish Helium price predictions pervaded the market space. These appear to have been tapered by the recent recovery in the price action. On Wednesday, the HEL/USDT pair recorded a 55.10% gain as sellers took profits and allowed bargain hunters to enter the fray.
The renewed optimism appears to have taken a dent on Thursday, as the price action is once more trading in the red territory after losing 5.52%. The intraday decline has found support at the 4.795 price mark.
There is very little news, if any, to provide a fundamental trigger for the pair. New Helium price predictions will be based on the technical picture on the chart. The 4.795 price mark is acting as the current floor, while the 5.744 resistance formed by the 31 August low serves as the ceiling.
Both market participants and those sitting on the fence would probably be waiting for a resolution of this range to determine where new Helium price predictions would be pointing. Until this happens, range traders may find some joy selling at the ceiling while buying off the floor.
The bounce on the 4-hour chart marks 3.281 as the current all-time low and the support level to beat for the bears. A breakdown of this support has to follow an extension of the rejection at 5.744 (61.8% Fibonacci
retracement level from the 29 August swing high to the 6 September swing low). This rejection and pullback must break down the 4.795 support level (intraday low) and the 3.281 price low to push to new lows. The 2.158 price mark (27% Fibonacci extension level) and the 0.750 price level (61.8% Fibonacci extension) are the potential targets for this move.
Otherwise, breaking the 5.744 resistance invalidates the bearish outlook and promotes an additional recovery that targets 7.317 in the first instance (29 August high). The 19 August high at 8.355 lies ahead of this point, and this becomes the next resistance target if the advance continues. The 9.000 psychological barrier lies between the 19 August high and the 10/30 July highs at 9.780. 10.462 remains non-viable but will become a new harvest point on an additional advance.
This post was last modified on %s = human-readable time difference 13:28