From the later half of December 2021, the Hedera coin was trying to recover from its previous correction. However, the price couldn’t surpass the $0.329 resistance, resulting in a bearish reversal. The technical chart shows a double top pattern, which could extend the ongoing selling.
Key technical points:
- The HBAR coin seller engulfed the 200-DMA line
- The intraday trading volume in the Hedera coin is $178.1 Million, indicating a 24.1% loss.
Previously when we covered an article on the Hedera coin, this pair gave a massive breakout from a long coming resistance trendline and the $0.28 horizontal level. Even though the price managed to sustain above the breakout level, the buyers couldn’t breach the $0.323 resistance.
The coin tried several attempts to breach this overhead resistance; however, the intense supply pressure restricted the price to go ahead. Moreover, the recent bloodbath in the crypto market fueled the selling activity and plunged the price to $0.285 support.
The 200-day EMA line has been in confluence with the $0.285; thus, similar to the price action the coin couldn’t hold above this trend defining EMAs as well. The price is trading below the crucial DMAs(20, 50, 100, and 200), projecting a bearish trend.
The daily Relative Strength Index (68) slips below the neutral line and 20-SMA, indicating a bearish sentiment in the price.
Hedera Coin Displays A Double Top Pattern
A second rejection from the $0.323 resistance formed a double top pattern in the 4-hour time frame chart. Currently, the coin price is trying to breach this neckline support of $0.285. The crypto traders should wait for a daily-candle closing below this level, providing them a short trade opportunity in this coin.
The super trend indicators accentuate the down rally in HBAR price.
The technical chart indicates important resistance levels for this coin are at $0.323, followed by $0.367. As for the opposite side, the support levels are $0.28 and $0.21.
- Ripple Objects To SECs Request To Buy More Time Following Recent Court Ruling
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?