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Hedera Price Analysis: Is HBAR Preparing for Its Breakout from the Range at 2021 Lows?

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  • Hedera’s price got stuck inside the consolidation phase at 2021 lows over the daily price chart.
  • HBAR crypto is trying to recover above the 20, 50, 100, and 200-day Daily Moving Average.
  • The pair of HBAR/BTC is at 0.000003197 BTC with an intraday drop of 0.08%

While trading on the daily chart with strong downward momentum, the Hedera price is attempting to hold at its current level. The value of the HBAR cryptocurrency has remained constant from $0.057 to $0.083. The token is currently trading toward the lower range of the consolidation phase due to getting snared by short sellers. The HBAR cryptocurrency needs to get away from short-sellers in order to prevent falling below the lower range of the consolidation phase. HBAR bulls must gather themselves in order to recapture the token before it crosses over the lower range.

Hedera’s market capitalization increased somewhat by 0.45% the day before, and its projected price as of right now is $0.068. In the course of the intraday trading session, the trade volume decreased by 27.22%. This suggests that sellers are active and actively attempting to drive HBAR down. The volume to market cap ratio is 0.01348.

The HBAR coin price must hold at this level in order to stay above the consolidation period. The volume bars show that bears are now in control of the HBAR coin. Given that the volume change is still below normal, bulls must exert their full force to affect the volume and permit HBAR to continue. Meanwhile, HBAR crypto is trying to recover above the 20, 50, 100, and 200-day Daily Moving Average.

What are the Speculations Regarding Hedera’s Recovery?

The price of the HBAR coin needs to stay above the lower price range of the consolidation phase in order to prevent a significant decline on the daily chart. Technical indicators suggest that the HBAR coin is continuing to increase.

The Relative Strength Index shows how quickly HBAR cryptocurrency is moving upward. At 42, the RSI is returning to neutrality. The HBAR coin’s upward momentum is visible on MACD. Although it is below the signal line, the MACD line is moving in its direction towards a positive crossover. Investors in HBAR must watch the daily chart for any directional changes.

Conclusion

While trading on the daily chart with strong downward momentum, the Hedera price is attempting to hold at its current level. The value of the HBAR cryptocurrency has remained constant at $0.057 to $0.083. The token is currently trading toward the lower range of the consolidation phase due to getting snared by short sellers. The HBAR cryptocurrency needs to get away from short-sellers in order to prevent falling below the lower range of the consolidation phase. Given that the volume change is still below normal, bulls must exert their full force to affect volume and permit HBAR to continue. Technical indicators suggest that the HBAR coin is continuing to increase. Although it is below the signal line, the MACD line is moving in its direction towards a positive crossover. Investors in HBAR must watch the daily chart for any directional changes.

Technical Levels

Support Level: $0.065 and $0.057

Resistance Level $0.070 and $0.083

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  

Nancy J. Allen

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