- The HBAR token price started rising from the demand zone showing strong demand.
- The HBAR token price is forming a flag and pole pattern on a daily time scale.
- The pair of HBAR/BTC is trading at the price level of 0.00000322 with an increase of 0.81% in the past 24 hours.
HBAR token price as per the price action is on a bullish trajectory. Despite the recent consolidation in the overall global market, the token price was able to sustain at the supply zone. The token price is forming a higher high and higher low formation on a daily time frame.
The HBAR token price is trading above the important Moving Averages. The recent bounce off the demand zone has resulted in the breakout of the 50 and 100 Moving Averages. The token price was facing a strong rejection from these MAs but a recent movement changed the price structure. Moving upwards these MAs can be seen acting as a strong demand zone.
At present, the HBAR token price is translating at the upper band of the Bollinger band indicator after bouncing off the lower band. Recent consolidation has led to the token price falling to the middle of the Bollinger band indicator at 15 EMA. Volumes have increased following the erratic movement in the last couple of days. Therefore investors should remain cautious and let the price volatility settle and then jump into it.
The HBAR token price is forming a flag and pole pattern on a daily time scale
Supertrend: The HBAR token price has been sideways, as it managed to sustain above the demand zone on the daily timeframe. Recent bullishness resulted in the HBAR token price rising above the important short-term demand zone. Previously the HBAR token price was resting in the super trend buy zone. Despite the rise in the token price it has failed to surpass the super trend sell line which is acting as a strong supply zone. Moving upwards the token price can be seen facing strong bearish pressure from the super trend sell line if bulls fail to overpower the bears.
Moving Average Convergence Divergence: Recent movement in the price of HBAR tokens seems to be bearish on the weekly time frame as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the downside indicating bearish momentum in the upcoming days. If the token price can sustain above the current short-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 HBAR token price has been on a rise for the past couple of days and recently it started consolidating near the supply zone. As a result the ADX curve also fell, depicting the consolidation. Moving upwards if the token price can sustain above the demand zone, the ADX curve can be seen dipping out of the 25 mark, as the token price breaks the supply zone. If not, then the token price can be seen falling leading to the ADX curve falling further.
Conclusion: The HBAR token price is hovering around the supply zone on a lower time frame. As per the price action, the token price is forming a reversal chart pattern. The technical parameters are indecisive due to sideways movement. It remains to see if the token price will break the chart pattern on the upside or break the demand zone.
Support: $0.06 and $0.05
Resistance: $0.09 and $0.10
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.