This 6-hour candlestick chart for Helium Mobile (HNT) against the USD on Coinbase. Here’s my detailed technical analysis based on the chart:
Trend Analysis - Downtrend Channel: The price has been in a downtrend channel from late April to mid-May, indicated by the parallel trendlines sloping downwards. This downtrend has seen lower highs and lower lows. - Breakout: Recently, there is a clear breakout from the downtrend channel as the price surged above the upper trendline, suggesting a potential reversal or at least a strong bullish move.
Support Levels:
Primary Support: Around 0.001759 USD, where the price has bounced multiple times, indicating strong buying interest.
Secondary Support: Around 0.002044 USD, where the price has consolidated before breaking out.
Resistance Levels:
Immediate Resistance Area: Around 0.002512 USD, which is a recent high and could pose some resistance.
Upper Resistance: Around 0.003102 USD, a significant resistance level which is a previous high and psychological level.
Candlestick Patterns Bullish Engulfing Pattern: Near the end of the downtrend channel, there's a bullish engulfing pattern, indicating a potential reversal. This pattern is followed by a strong upward movement, confirming the reversal signal. Bullish Candles: The recent large bullish candles indicate strong buying pressure. Technical Indicators
Stochastic RSI: The Stochastic RSI is in the overbought zone (98.61), suggesting that the price may be due for a short-term pullback or consolidation.
Volume: There is a significant increase in volume accompanying the breakout, which validates the strength of the upward move. A high volume on a breakout generally confirms that the breakout is genuine and not a false signal.
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