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The bull cycle within the descending triangle pattern encourages buyers to hit the $0.0622 resistance. Until the price action remains trapped in this pattern, the altcoin will continue to walk sideways. The Hedera price currently trades at the $0.06 mark, and the area between the trendline and $0.058 can be considered as no trading zone.
Key points from Hedera price analysis:
- The rising price has reclaimed the 20-day EMA.
- The daily-RSI slope is entering the bullish territory.
- The intraday trading volume in the Hedera coin3 is $736.2 Million, indicating a 32% gain.
Source- Tradingview
The Hedera price action has been resonating in a descending triangle pattern for nearly five months now. The altcoin has retested the pattern’s barrier, i.e., the downsloping trendline and the neckline support of $0.058-$0.056 multiple times, indicating the traders are actively responding to these levels.
The recent reversal from the support neckline has accounted for a 6.5% gain in the last five days. With sustained buying, the altcoin should rise another 5% to hit the $0.062 and descending trendline. The price will most likely revert from this resistance and continue the sideways action for a few more sessions.
However, in theory, the lower highs in the triangle pattern reflect the gradual weakening of bullish momentum. Thus, as we get close to the triangle peak, the prices are expected to break the support trendline and resume the prevailing downtrend.
The $0.056 neckline breakdown will first target the 13.55 down support of $0.05.
On a contrary note, a less likely yet possible breakout from the resistance trendline will undermine the bearish thesis and may push the Hedera prices to the $0.075 mark.
Technical Indicator
RSI indicator: A bullish divergence in the RSI slope as prices retest the $0.056 neckline indicates the buying activity rises at every price retest. Moreover, the indicator slope on the verge of crossing above the midline should intensify the bullish momentum.
Bollinger band: the rising price could soon hit the indicator upper band, which may extend the consolidation phase above $0.056 support.
- Resistance level- $0.0622, and $0.075
- Support level- $0.056 and $76
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