- 1
The HBAR has formed a Flag(continuation -Bearish Trend) over the daily price chart. - 2
The current price of the coin is around $0.07507 with a drop of 1.50% - 3
The coin’s price is trading above the 20,50,100,200 days of Daily Moving average
The Hedra is under bearish dominance resulting in the loss of its potential the investor of HBAR might lose interest in the token. The bearish rally may continue as the coin price follows a downward trend. The HBAR price is moving down over the daily price chart. The buyers have to focus on the coin’s movement to enter the trade.
The current price of HBAR stands at approximately $0.07507, showing a modest increase of 1.50% during the intraday trading session. If the coin continues to follow a downward trend, it could encounter primary support at around $0.0638. Conversely, if the bulls do not intervene, the price may decline to a secondary support level of roughly $0.0356.The current market conditions are creating a sense of indecision and confusion among investors.
The bulls are facing challenges in gaining upward momentum, which has led to uncertainty among investors. The bulls have to work hard to get the ball in their court. The bulls may drive HBAR’s price to the primary resistance of $ 0.0958 and if the bullish trend persists then the price of the coin may reach the secondary resistance of $0.1090
The volume of the coin is moving in the seller’s favor. The volume of HBAR% has decreased by 24.4% during the last intraday trading session. The coin’s price is trading below the 50,100,200 days of Daily Moving Average. And the coin is above the 20-day Exponential Moving Average.
Technical Indicators driving the Hedera
The technical indicators show that: The oversold region is approaching the Relative Strength Index. Buyers need to watch the RSI’s change to see if it’s moving in an oversold zone. Perhaps the bulls will attempt to move the RSI toward neutrality as it has returned from the overbought zone and the bears are pushing it toward the oversold zone. The current RSI is 45.78 and the average RSI is 59.49. The MACD and MACD signal have intersected giving a negative cross.
Conclusion
The current market trend of Hedra is bearish. The bears are trying to drive the coin to their predetermined goals. The bulls must enter the trade so the coin may gain some upward momentum. The movement of the coin over the daily price chart indicates that the coin may continue the bearish trend.
Technical Levels
Resistance level- $0.0958 and $0.1090
Support level- $0.0638 and $0.0356
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/26/hedara-price-analysis-will-the-hbar-break-the-bearish-continuation/