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.
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.
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.
Binance’s Changpeng “CZ” Zhao made a post suggesting the start of the BNB meme coin…
Changpeng "CZ" Zhao's family office YZi Labs announced $1 billion Builder Fund to fuel BNB…
Litecoin (LTC) has been under investors' radar recently, after a 10% rally over the past…
CleanCore’s Dogecoin Treasury has reported over $20 million in unrealized gains just weeks after launch.…
Crypto market crash on Wednesday saw the market cap tumbling back to $4.1 trillion, down…
On Tuesday, October 7, GraniteShares filed with the U.S. Securities and Exchange Commission (SEC) for…