Technical Analysis Of Helium, YFI And Zec!

HELIUM ANALYSIS JUNE, 2021

Technical:

Helium is a cryptocurrency mined on the wireless Helium blockchain network. HNT is currently trading at $11.528. Here’s the complete technical analysis of Helium.

The setup of the coin is highly rangebound as the coin has been bouncing back and forth from its support and resistance levels since a month. It would require a breakout or breakdown to experience a good movement on either side, until then one can expect sideways movement only. Another indication showing possible rangebound continuation is that it is trading above its 200-day exponential moving average but below its 50-day exponential moving average. Its demand zone is placed between $9.01 to $10.49 while resistance is placed between $19.55 and $20.95.

helium analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is positioned near the neutral region, supporting the sideways trend of the coin. Currently placed at 41.94, the RSI may move above the 50 point or drag down to its lower trendline as per the volumes in the upcoming days. A move given by the RSI above 50 will confirm the movement of the coin towards its supply zone yet again.

The MACD has given a bearish bias as it is below the signal line, giving a ‘sell’ signal to investors.

The technical analysis of helium is indicating mild weakness.

helium analysis
Source: tradingview

Conclusion:

As the coin is rangebound, it can show movement on either side. A breakdown of the support levels can give the coin targets of $8.16 and $6.37 on the downside.

On a breakout of the resistance zone with good buying volumes, the coin may see the levels of $20.95 and $22.23. The technical analysis of helium is indicating a possibility of a breakdown.

YFI ANALYSIS JUNE, 2021

Technical:

YFI is an old cryptocurrency of the Yearn Finance Protocol. It was the most expensive coin until recently when it fell sharply last month.

The coin is trading at $28311 near its multi-year support level. The coin has clearly formed a textbook head-and-shoulder pattern, usually considered as a bearish trend. Since the coin is so expensive, the volumes and as low as 500 on the daily time frame. Having such a huge fall, the coin is trading below both its 50-day and 200-day moving averages, which are acting as constant resistance levels are driving the coins further down. Its support zones are present between the range of $28437 and $23865 while its resistance zone is placed in the range of $53747 and $57176. The bearish trend is likely to continue looking at the lower-high and lower-low formation on the daily time frame.

yfi helium analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is showing weakness for the coin in the upcoming days due to its continuous fall. It is currently positioned at 36.09 and is likely to make its way into the oversold region within a few weeks. The MACD has been sustaining below the signal line for three weeks, consistently indicating a ‘sell’ call to investors. Both indicators confirm the bearish trend of the coin.

yfi rsi macd
Source: tradingview

Conclusion:

Unless strong buying volumes come on the lower levels, the coin is likely to make a new low this year. On a breakdown and close below the support range mentioned above, the coin could see the levels of $24028 and $19456 on the downside. If a reversal is seen on the charts, the targets on the upside are placed at $39731 and $43460.

ZCASH ANALYSIS JUNE, 2021

Technical:

Zcash is a cryptocurrency highly regarded for providing overwhelming privacy features. It is currently trading at $104.28, having lost over 66% of its value in a matter of days. However, the coin is near its previous order block area which can be considered as a good reversal area. An order block zone is the zone where large institutions or “whales” place their orders in small blocks. Despite that, the view on the coin remains weak until it breaks and closes above its upper trendline. The coin is trading below its 50-day and 200-day moving average and facing selling pressure from the same.

However, there was a spike in the buying volume a few days ago near its order block zone which may indicate a possibility of participation from institutions and heavy investors.

Zcash helium analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index has given a negative divergence from its upper trendline and is showing price weakness for the coin. The MACD crossed below the signal line yesterday giving out a fresh ‘sell’ signal to investors. Both indicators are providing a negative bias to the coin, possibly suggesting a breakdown of the support zone.

Zcash rsi macd
Source: tradingview

Conclusion:

On the breakdown and close below the order block zone of $99.41 and $87.76, the coin can head towards $77.41 and $68.70 on the downside. A breakout and close above the upper trendline accompanied by good buying volumes by either retailers or institutions, levels of $132.50 and $159.25 can be seen.