Hbar Price Analysis: Hbar moving in a sideways fashion on the daily chart

• Hbar Token has been trading in a sideways fashio after breaking out of the bullish pattern
• The RSI indicator indicates neutrality for the token on both the time-frames
• The coin formed a rounding top pattern on the hourly chart followed by a bullish momentum

Hbar Token is in a sideways pattern on the daily chart over the last few months. The coin was in a strong bullish pattern between August and $ late November last year. Post the breakout from the bullish parallel channel on the chart the coin has adopted a bearish to sideways approach. The volumes have come down on average and the relative Strength Index (RSI) has been indicating neutrality for a long period of time. The coin has an immediate resistance zone at $ 0.35 and long-term support at $ 0.15.

Hbar Token has formed a rounding top pattern on the chart a few days back. The coin turned bullish post the completion of the rounding top pattern. The coin is now testing the resistance at $ 0.26 on the hourly chart. The volumes have been coming in well on the hourly time frame. The RSI indicator also indicates neutrality for the token. It remains to be seen if the coin is able to break the resistance or will continue trading in the current zone. 

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Conclusion:

Hbar Token has been in a sideways pattern over the last few months. The coin is testing a resistance level on the hourly chart after forming a rounding top pattern. The coin is showing neutrality on the RSI indicator.

Support: $ 0.22

Resistance: $ 0.27

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.