From the later half of December 2021, the Hedera coin was trying to recover from its previous correction. However, the price couldn’t surpass the $0.329 resistance, resulting in a bearish reversal. The technical chart shows a double top pattern, which could extend the ongoing selling.
Key technical points:
- The HBAR coin seller engulfed the 200-DMA line
- The intraday trading volume in the Hedera coin is $178.1 Million, indicating a 24.1% loss.
Source- Tradingview
Previously when we covered an article on the Hedera coin, this pair gave a massive breakout from a long coming resistance trendline and the $0.28 horizontal level. Even though the price managed to sustain above the breakout level, the buyers couldn’t breach the $0.323 resistance.
The coin tried several attempts to breach this overhead resistance; however, the intense supply pressure restricted the price to go ahead. Moreover, the recent bloodbath in the crypto market fueled the selling activity and plunged the price to $0.285 support.
The 200-day EMA line has been in confluence with the $0.285; thus, similar to the price action the coin couldn’t hold above this trend defining EMAs as well. The price is trading below the crucial DMAs(20, 50, 100, and 200), projecting a bearish trend.
The daily Relative Strength Index (68) slips below the neutral line and 20-SMA, indicating a bearish sentiment in the price.
Hedera Coin Displays A Double Top Pattern
Source- Tradingview
A second rejection from the $0.323 resistance formed a double top pattern in the 4-hour time frame chart. Currently, the coin price is trying to breach this neckline support of $0.285. The crypto traders should wait for a daily-candle closing below this level, providing them a short trade opportunity in this coin.
The super trend indicators accentuate the down rally in HBAR price.
The technical chart indicates important resistance levels for this coin are at $0.323, followed by $0.367. As for the opposite side, the support levels are $0.28 and $0.21.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Source: https://coingape.com/hedera-price-analysis-hbar-coin-bulls-struggles-to-surpass-the-0-323-resistance/