Hedera (HBAR) crypto price is trading with mild bearish cues and bear’s are trying to pull the prices down below the lower range. However, the probability of bouncing back from the EMA support remains in the favor of bulls. Currently, HBAR/USDT is trading at $0.0736 with an intraday loss of 2.13% and the 24-hour volume to market cap ratio at 0.0547
HBAR price prepares for the next phase of up-move?
On a daily time frame, Hedera (HBAR) coin price is forming a bullish continuation pattern and bulls are trying to hold the prices above both the EMAs to keep the positional trend in the favor of buyers. In the mid of January, HBAR price reclaimed the 50 day EMA which created a positive hope for the investors and prices shot up 60% approx in the short span of time.
HBAR bulls had attempted multiple times to break out of the swing high hurdle at $0.0849 but unfortunately prices gets rejected from the supply zone and forming a long tail rejection candles which shows that strong bear’s are active at higher levels and it will be not easy for bulls to dominate on the supply zones. On the other hand, volume spike is visible in the chart but price remains stagnant indicates that some genuine buyers are silently accumulating HBAR at the current levels.
Meanwhile, the technical indicators of the HBAR like MACD, Supertrend and RSI are showing mixed signals because the prices got stuck in the narrow range consolidation and failed to show any directional movement in the past few weeks. However, the probability of upside range breakout is higher as compared to breakdown due to the signs of genuine buying visible in near to the support levels. On the higher side, if bulls succeed to break the hurdle level at $0.0849 then prices might start the journey to reach $0.0988 level.
Summary
Hedera (HBAR) coin prices are in recovery mode and succeeded in holding the prices above the EMAs which shows the strength of the bulls but prices are also facing rejection from the supply zone and got stuck in the narrow range consolidation.
The technical analysis suggests that the prices are into bulls grip and traders might look for buying opportunities near to the EMA support for the target of $0.0900 and above by keeping $0.0500 as SL. However, if the price drops below $0.0500 then bear’s may try to drag it down towards the yearly lows.
Technical levels
Resistance levels : $0.0849 and $0.0988
Support levels : $0.0619 and $0.0400
