Price remains in a downtrend, however, it had a bullish breakout from Channel Down pattern and above resistance at $0.07, which could signal bullish trend reversal with +40% upside potential to $0.10. Stop Loss at $0.064.
Previously, price got a boost from news that BlackRock will leverage Hedera Blockchain to tokenize its money market fund.
HBAR Crypto Price Analysis
- Current Price: $0.067.
- Market Cap: $3.5 billion.
- Trading Volume (24h): $81 million.
- Circulating Supply: 33.7 billion HBAR.
Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.
With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Weekly Price Analysis
- Weekly Performance: Over the past week, HBAR has experienced a price decline of around 2.6%.
- Price Range: The price has fluctuated between $0.065 and $0.07 .
- Market Sentiment: The overall sentiment has been bearish due to market corrections.
- Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
- Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $0.06. Nearest Resistance Zone is $0.10, then $0.124.
News Roundup
- Recent Developments: Hedera continues to enhance its ecosystem with new partnerships and technological advancements. The platform’s governance by a council of prominent companies remains a unique feature, providing stability and compliance advantages.
- Market Influences: Recent global economic factors and regulatory developments have influenced the crypto market, contributing to the current price trends for HBAR.
Indicators Value
- RSI (Relative Strength Index): 42, Indicates a neutral position.
- MACD (Moving Average Convergence Divergence): Shows bearish momentum, aligning with the recent price decline.
- Support and Resistance Levels: Immediate support is at $0.065, with resistance at $0.07.
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