Is the Correction over in HBAR price?

HBAR Price prediction suggests a rise in the long term till it holds $0.0500.
HBAR price is consolidating for the long term base formation.
Hedera Price below both the EMA but it slopes sideways.

HBAR Price Prediction suggests a rise in the long term till price is sustaining above the demand zone at $0.0500. HBAR price seems to be stuck into the narrow range and showing signs of the long term base formation.

Hedera price had tried multiple times to break out of the 50 and 200 day EMA but got rejected. It shows sellers are active on higher levels. However, both the EMA is sloping sideways which indicate that price lacks direction and is expected to consolidate for some more time.

HBAR price is trading at 0.0622 with an intraday rise of 2.47%. The 24 hour volume to market cap ratio is 0.0346. The pair of HBAR/BTC is trading at 0.00000213 with an intraday rise of 2.40%. Both the pairs forming a similar price pattern shows high correlation but still HBAR/USDT pairs look more stable as compared to HBAR with BTC pairs.

At the mid of February, the correction started in the HBAR crypto and prices began to decline by forming lower lows. It corrected 44% approx from the swing high at $0.0988 and eroded the majority portion of the previous gains. The downfall took halt at $0.0545 and prices tried to recover. At the mid of March, the overall market sentiment also improved which positively impacted the HBAR prices.

Will HBAR price take a U-turn in the coming month?

HBAR price consolidated for a few days in a narrow range and witnessed a massive spike in the buying volume. Later, prices also gained positive momentum and attempted to break the $0.0800 hurdle. Sadly, it got rejected and prices again reverted in the downward direction.

HBAR price defends the demand zone and overall market sentiment is also bullish. Therefore, If buyers succeed to push the price above the 50 and 200 day EMA then probability of taking an U-turn will increase. The technical analysis suggests HBAR price is consolidating near the demand zone for the base formation and downside is limited.

HABR Price on weekly time frame

HBAR price seems to be bottomed out and responsive buyers seem to be getting active at lower levels. On a weekly time frame, HBAR crypto is forming similar patterns to day frame and trying to defend the support of $0.0545. If the sell off continues and prices drop below $0.0500 then it may raise concern for the investors.

The technical indicators like MACD curve is reversing upward and on the way to generate a positive crossover. It indicates bulls are returning back to track. The RSI at 50 denotes neutral territory and balance between bullish and bearish positions.

Conclusion

HBAR Price Prediction favors the bulls and suggests a rise in the long term. Presently, the prices seem to be stuck in a narrow range and consolidating for base formation. The technical analysis says, HBAR crypto price is near the demand zone. Till it sustains $0.0500 level the probability of the rebound remains high.

Technical levels

Resistance levels : $0.0781 and $0.0988

Support levels : $0.0545 and $0.0500

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing