- HBAR’s price shows the market a glimpse of bullish hope as the price broke out of its long-range movement with strong volume.
- HBAR trades at key resistance, when the price breaks from the range above 8 and 20 day EMA.
- The price for HBAR looks to retake $0.1 as key resistance. Support was flipped with more orders.
Hedera Hashgraph’s (HBAR), has shown its strength, as the price trend continues with a pivotal breakout from a downtrend area against tether USDT. As the market looked promising, crypto market cap bounced back from its weekly lowest. The Hedera Hashgraph price (HBAR), however, did not suffer as the price moved out of its daily long range with the trending price rising to higher levels. (Data from Binance).
Hedera hashgraph (REEF), price analysis on the Weekly Chart.
Most crypto altcoins anticipated that the market for crypto assets would see some relief. Some altcoins, however, have not seen a significant price increase in crypto assets.
HBAR’s price could not rise with the volume of previous months so it was kept in a box that looked like a range. HBAR’s price continued to move between $0.05 and $0.077 before breaking out and trending higher.
The price of HBAR may be poised for a breakout after a sustained movement. This is because the price hopes to rise to $0.1 in the near future.
HBAR’s use case has attracted a lot of traders, investors, and huge organizations, which could also be a huge catalyst to influence the price of HBAR shortly as many tips the price to rally to a high of $1.
Weekly resistance for the price of HBAR – $0.1.
Weekly support for the price of HBAR – $0.050.
Price Analysis of HBAR on the Daily (1D), Chart
HBAR’s daily price continues its strength, pulling some gains despite market movement appearing to be stalled. After hitting a daily low at $0.05, HBAR rose to a $0.082 high before it was rejected by a downtrend channel. It struggled to breakout.
The price action in HBAR is trying to escape this channel of downtrend; if it succeeds, the price could rise aggressively because bulls will be willing to take the price to $0.1, gaining considerable price control.
Relative Strength Index for HBAR (RSI), which measures the strength of HBAR’s buy orders, is lower than the 50-mark area in the daily timeframe.
Daily resistance for the HBAR price – $0.1.
Daily support for the HBAR price – $0.055.
Featured Image from Zipmex. Charts from Tradingview