Will HBAR Price Set to Make a Breakout?

HBAR’s price is currently trading at $0.613 while seeing an increase of 2.08% in the 24-hour trading volume.
The HBAR price declined by 2.44% in the last 24 hours.

HBAR price is currently trading within a symmetrical triangle pattern on the daily timeframe. Breaking its resistance near the price of $0.0400, HBAR made a significant bullish uptrend gaining 95 percent of its value. The price also crossed above all the major key moving averages closing on a positive note.

The price was not able to sustain above those levels. After a short consolidation near $0.0900 in the supply zone, the HBAR token saw a major selloff of around 40%. The price attempted to cross above 200 EMA, followed by a bearish move, but it could not succeed.

HBAR Price facing severe resistance from the 200 EMA on ( Daily Time Frame)

Source: HBAR/USDT by TradingView

HBAR price currently trades under the 200-day EMA in a symmetrical triangle pattern. The HBAR coin after taking support from the price of $0.500 made a bullish rally of 21 percent. After taking resistance from the 200 EMA around the HBAR token made multiple attempts to break above its significant resistance of $0.685. Currently, the price is taking resistance from the convergence of EMA’s.

Technical Analysis on (1 Day Time frame)

Source: HBAR/USDT by TradingView

The RSI line is giving a bearish indication. The RSI trades in below 50 points, taking consistent resistance from the 14 SMA and median line. The value of the RSI line is 41.82 points, and the 14 SMA provides a barrier to it at 49.30 points. The making of a bullish curve below the median line suggests that the price can make another attempt to resume its previous trend.

The stochastic RSI trades at the oversold level of 20.28 points after a bearish crossover of the %K and %D line above the median line. The present situation suggests that market sentiments are trading in the fear zone.

Conclusion

According to the analysis, HBAR’s price faces severe resistance from the convergence of major EMA’s. As of now, the price is trading within a severe bear trend. The Stochastic and RSI oscillators are steadily reaching oversold levels in the daily timeframe.

If the price gets rejected from the current levels, it can make a sharp bearish breakout. The current support level for the price is $0.0500 and its major support level is $0.0600. The resistance point for the price of EOS is near $0.800.

Technical levels –

Support – $0.0600

Resistance – $0.800

Disclaimer

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