HBAR price prediction favors the bulls and expects some decent recovery in the coming months. HBAR price is down by about 35% from the recent peak at $0.0987 and slipped below the 50 and 200 day EMA, highlighting a downtrend. But over the past few days, Hedera price is consolidating near the demand zone and showing the short term base formation.
It is trading at $0.0609 with an intraday decline of -1.62% and 24 hour volume to market cap ratio is at 0.0159. The HBAR/BTC pair is trading at 0.00000219 with an intraday decline of -0.90%, this shows a minor correlation between the direction of both the pairs. In mid-February, HBAR price witnessed a massive spike in the buying volume and broke out of the narrow range consolidation zone. It tried to achieve the $0.1000 mark but prices got rejected and ended up forming a shooting star bearish candle.
HBAR price consolidated for a few days in the hopes for an upward range expansion but it took a downward direction.
HBAR price formed a short term base
HBAR price began to decline by forming lower low candles and almost lost all its previous gains. Moreover, HBAR price recently hit a low of $0.0542 and halted the fall near the demand zone. However, the prices did not show the sharp rebound and got stuck in the narrow range consolidation, which can be interpreted in the short term base formation.
Technical analysis suggests that till HBAR price holds the $0.0500 level, the probability of upward range expansion remains high. But if the price drops below $0.500, then the bears might try to pull the prices further down toward the yearly lows.
HBAR Price: Technical Outlook
The HBAR price is in a downtrend but if bulls are able to climb above the 50 day EMA, then we might see signs of a short term bullish trend reversal. However, the prices will pick up momentum only above $0.0800. Till then, it is expected to consolidate in the wide range. Technical indicators like MACD had generated a positive crossover but the curve is sloping sideways, and this indicates consolidation. The Relative Strength Index (RSI) at 44 denotes the prices might soon enter the neutral territory.
Conclusion
HBAR price prediction favors the bulls and showed the signs of short term base formation. Technical analysis suggests that the HBAR price would hold onto the $0.0500 level, with the possibility of upward range expansion remaining in favor of the bulls.
Technical levels
Resistance levels : $0.0800 and $0.0925
Support levels : $0.0500 and $0.0357
