Hedera Hashgraph (HBAR) is having a wild 2021 with HBAR price rising nearly 1500% in a short 3 months. The Dapp token has been fueled by rising adoption and anticipation of its large scale partnerships.
- HBAR price has been consolidating for nearly a month
- Price has been trying to break and hold $0.358
- HBAR price may fall to $0.30 if the bears continue control under key resistance
Since it’s high of $0.457, HBAR price has been consolidating in a price channel for nearly 30 days. Time is ticking for this sideways movement as the cryptocurrency market seems to be fueling for its next move.
HBAR Price Analysis: 4 Hr Chart
The large scale descending channel can be looked at as a bull flag formation on higher time frames. To have any large bull trend, HBAR price must break the top trend line of its price channel. The top trend (Black) is also in coordination with the key resistance of $0.358. Hedera Hashgraph has yet to be able to hold this level as support for longer than a day. Once these marks break & hold, expect HBAR to test $0.41 again.
While looking at the last few days, HBAR seems to be printing a Head & Shoulders pattern. If this patterns completes & HBAR breaks below $0.33 (minor support), price will experience a fall to its key support (in green) around $0.30. If this scenario occurs, which seems to be the most likely as of now, HBAR price will still be in its month long price channel. If the $0.30 key support fails to hold, Hedera will experience a fall to its bottom trend (black) of its price channel.
Looking at the Stochastic RSI at the bottom, it has reset to oversold conditions. When this occurs on the chart it means one of two things; The price has consolidated enough and is gearing up for its next bullish run up or the bears have control of the price & more downside is coming as the strength sits on the floor. In this case, the last 4hr candle has started losing strength and the Stochastic RSI seems to be turning back to hit another low in the oversold territory.
In conclusion, HBAR needs to break out its current price channel (black trend lines) to really see a big move, until then it is considered consolidation.
HBAR Price Analysis Intraday levels
- Spot rate: $0.345
- Trend: Sideways
- Volatility: Low
- Support: $0.30
- Resistance: $0.358
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