- HBAR Price fell 18% on a monthly basis and formed a bearish pattern.
- Hedera price rejected 50 and 200 day EMA showcase downtrend.
- The HBAR crypto price is likely to retest the 52 week low.
HBAR Price fell 18% on a monthly basis and slipped down by forming lower low swings. It has eroded the majority portion of returns generated in the past few months and is consolidating near to the 52 week low.
HBAR Price rejected the 50 and 200 day EMA showcase positional trend in the downward direction. However, the price is far away from the EMA. Therefore, short term bounce is possible to clear out the existing shorts.
The trading volume is in a declining phase and the volatility is also low shows less participants are active. However, the price is near to the demand zone and till price holds yearly low the downside seems limited.
HBAR Price is trading at $0.0521 with an intraday decline of -0.38%. The 24 hour volume to market cap ratio is 0.0065. The pair of HBAR/BTC is trading at 0.00000195 on a flat basis. The chart structure of HBAR crypto with BTC pair is quite similar to USDT. It shows sellers are active on both the pairs and no signs of recovery are visible.
In mid February, HBAR price faced resistance at $0.0900 and prices began to decline by forming lower lows. Later, the downfall gained momentum and price drops below both the EMAs which invites further decline.
Is HBAR Price oversold
The correction in HBAR Price halted near $0.0500 and prices began to consolidate in a narrow range. At the end of March, Buyers once attempted to break the higher range with a strong volume. However, the attempt was temporary and ended up as a trap for the bulls.
Presently, HBAR price is trading near to the lower range and buyers are trying to defend the support. If the buyers succeed to defend the $0.0500 support, the probability of rebound will increase.
However, till price trade below EMA any short term up-move will face difficulty to sustain on higher levels. On the other hand, if the price drops below $0.0500 then it will open more downside and bears may try to test the 52 week low.
Hedera Price fallen for seven consecutive weeks
Hedera Price has fallen for seven consecutive weeks which raised concern for the long term investors. The market leader Bitcoin and Ethereum Price is also mildly bearish which negatively impacts the prices of other Altcoins.
The technical indicators like MACD had generated a positive crossover and histogram bar is on rise. It indicates mild bullishness and buyers are trying the best to rebound. The RSI at 35 sloping downward denotes weakness. However, the price is near to the oversold territory and a relief rally may trigger anytime from the lower levels.
HBAR Price fell 18% on a monthly basis and formed a bearish pattern. However, the price is near the demand zone and downside seems to be limited. The technical analysis suggests, Hedera price has corrected a lot and downfall might talk halt near to the 52 week low.
Resistance levels: $0.0779 and $0.0932
Support levels: $0.0500 and $0.0354
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.