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- The HBAR token price is trading at the demand, after failing to sustain at the supply zone.
- The HBAR token price is forming a falling wedge pattern on a daily time frame.
- The pair of HBAR/BTC is trading at the price level of 0.00000306 with an increase of 0.33% in the past 24 hours.
The HBAR token price as per the price action is bullish as seen on the daily chart. The token price is forming lower low and lower high formation over a 4 hour time frame. The token price recently fell to the demand zone after facing strong bearish pressure from the supply zone. The HBAR token price fell to the demand zone after facing the strong heat of the global cryptocurrency market. The HBAR token price is in the consolidation phase on a lower time frame as it rests in the long-term demand zone. During the recent bearish rally, the token price fell rapidly breaking down the important short-term demand zone. At present, the HBAR token price is trading below the 50 and 100 Moving Averages. Moving upwards the token price can be seen facing the strong bearish pressure of these MAs. The breakdown of the 50 and 100 MAs occurred during the previous sell-off in the past week. Currently, the HBAR token price is trading at the lower band of the Bollinger band inductor after failing to surpass the upper band. The HBAR token price has also gone below the 14 SMA indicating bearish momentum for a short period. Volumes have increased causing the volatility to increase. Therefore investors should remain cautious and wait for volatility to settle before taking any action.
The HBAR token price is forming a falling wedge pattern on a daily time frame
Supertrend: The HBAR token price has turned bearish as it failed to surpass the supply zone forming a strong bearish candlestick pattern on a daily time frame. Recent bearishness resulted in the HBAR token price falling below the important short-term demand zone. Previously the HBAR token price was resting on the super trend by line. As the token price fell, the super trend indicator triggered a sell signal. As of now, the HBAR token price is trading below the super trend sell line, and moving upwards the token price can be seen facing rejections off the super trend line.
Moving Average Convergence Divergence: Recent breakdown in the price of HBAR tokens seems to be real as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the upside indicating bearish momentum in the upcoming days. If the token price can sustain above the current long-term demand zone, then the MACD indicator can be seen to turn positive. If the HBAR token price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen widening supporting the breakdown.
Average Directional Movement Index: The ADX curve has been on a downward trajectory for the past couple of weeks. This comes after the token price fell from the supply zone facing strong bearish pressure. As of now, the ADX curve has turned upwards indicating a halt in the price movement and possible change in the price structure. The token price had formed a bullish chart pattern on a daily time frame. If it gives a breakout of the falling wedge pattern, then the ADX curve can be seen running upwards supporting the trend.
CONCLUSION: The HBAR token price is trading at the demand zone on a daily time frame. As the price action suggests the token is forming a bullish chart pattern. The technical parameters are bearish, depicting the HBAR token trend. It remains to see if the token price sustains above the demand zone or fails to do so and falls below it. An investor should remain cautious and wait for a proper signal and then act accordingly.
SUPPORT: $0.055 and $0.058
RESISTANCE: $0.071 and $0.075
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
