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HBAR Price Analysis: Is HBAR About To Break Its Consolidation?

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  • The bears of HBAR are currently struggling to pin it down below a threshold. It is currently trading near the value of $0.079 with a gain of 1.19% in the intraday session.
  • Technical indicators of the asset suggest a consolidated trend. HBAR/BTC pair is currently struggling to give a breakout.

Hedera is one of the most used enterprise-grade public networks for the decentralized economy that allows individuals and businesses to create powerful decentralized applications.  The founders of Dr. Leemon Baird and Mance Harmon. The asset is currently in a consolidated trend and can see a new high in the future.

Hedera is currently ranked 39th as per their market capitalization. The volume to market ratio for HBAR is  0.0185 suggesting a consolidated trend in price.

Are Bulls Of HBAR Ready To Jump For A New High?

The weekly technical chart of Hedera suggests a consolidated trend for upcoming days. Coming to the daily chart the asset is trading near $0.079618. It is trading below 100 and above 50 Daily Moving Average. If the asset price crosses above 100 DMA in the future then a strong upside trend can be seen. The current correlation between Bitcoin and HBAR is 0.76. If the correlation increases then a strong momentum in the future can be seen. The major resistance of HBAR can be seen near the value of $0.1. Meanwhile the support of the asset can be seen near $0.05.

RSI: RSI for HBAR is near 56 forming a negative slope. It is currently in an oversold zone. The negative slope in RSI tells signifies selling in the asset. The overall sentiment of the RSI is neutral.

Conclusion

HBAR is currently in a consolidated mode and can soon see a new high in the future. One should do their due diligence before investing.

Technical Levels

Major Support:$0.045-$0.05
Major Resistance: $0.095- $0.1

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