Despite forming five consecutive green candles on weekdays, the bullish momentum seems weak concerning the short body and higher tail rejections attached. Furthermore, the Hedera(HBAR) price has recently breached a long-coming resistance trendline, and supply pressure from above teases a price dip to a $2 support zone.
- The bullish RSI divergence suggests an overall bullish tendency
- The HBAR buyers are struggling to overcome 50-day EMA
- The intraday trading volume in the Hedera coin is $72.7 Million, indicating a 31.92% gain.
Since the HBAR downtrend began in Mid-September 2021, the coin price action has been confined within a falling wedge pattern. The sellers dumped the altcoin to its current lower low support at $2, indicating a 66% from the All-Time High resistance of $0.52.
The HBAR price gradually narrowed within the descending trendline, and $2 bottom support has resulted in a bullish breakout from the wedge pattern. So far, the post retest rally surged 8%, hitting the 50-day EMA(0.224).
However, the bull run showed multiple higher price rejection candles, suggesting the trades are selling on rallies and could initiate a minor pullback. As a result, the potential retracement could plunge 11.7% to the $2 mark.
A bounce back from this bottom support would indicate that the traders’ sentiment has flipped to buying the dip, suggesting the next bull cycle hit $0.26.
- The recovery rally faces strong resistance from the downsloping 50-day EMA, bolstering the possibility for reversal. Moreover, the 200-day EMA at the $0.26 mark provides an important pivotal point for buyers to overcome.
- However, RSI slope forming successive higher highs suggests increasing underlying bullish momentum.
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- ETH Whales Add Polygon (MATIC) Amid Prices Surge Of 60% In Last 7 Days
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59