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Helium Rockets Out of Downtrend: Bullish Momentum Takes Charge!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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by Z4F4R