Will Price Reverse From The Demand Zone?

• The HBAR coin price is trading below the 200-day EMA.
• It is trading at $0.46 with an increase of 1% in the intraday sessions.
• The token is down by 91.84% from the all-time high.

The price of the HBAR token is currently trading below the 200-day EMA, which is a bearish sign if the price stays trading below the EMA. It has recorded losses of 30.91% in the last 6 months. The token marked its yearly high of $0.09839 in Feb.

The token recorded its all-time high on 16th Sep 2021, when the token was priced at $0.5701.

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It is currently trading with a drop of 17.28% in the daily trading volume.

The market capitalization of the token is $1.55 Billion. It has a circulating supply of 33.49 Billion HBAR, which is 66.98% of its total supply. The 24-hour trading volume of the token is $28.44 Million.

Sentiment Analysis

The total market volume of the token decreased by 26.46% in a week. Social engagements have a growth of 80% and the total bullish sentiments have surged by 89.27%.

The total bearish sentiments surged by 145.5%, which shows that many people are bearish about the price. 

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Overall sentiments indicate a bearish move as the volume of the token has declined and the bearish sentiments have also increased in a week. 

Technical Analysis Of HBAR ( Daily-1D )

The daily chart of HBAR shows that the price was moving on a bullish trendline. The price made higher highs but later got rejected from the resistance zone of $0.067 to $0.073. Post rejection, the price fell below the 200-day EMA and it broke below the trendline and started a downfall.

From the support zone of $0.042 to $0.047, the price took support and tried to move bullish but the price was rejected 3 consecutive times from the resistance of $0.052. The support zone of $0.042 to $0.047 is also a demand zone.

The price is again under the support zone of  $0.042 to $0.047 from where it is likely to take support and move upwards. If the price has to move upside, a major move has to be taken by the bulls of the market and break the resistance of $0.052 with a sizable volume. 

Once the price gets above the 200-day EMA and sustains above it, it can behave bullish again. However, if the price gets rejected from the $0.052 again, it can again fall to the support zone of $0.042 to $0.047. Also, if the price falls below the support zone, it can fall to the yearly low levels.

What Indicators Say About HBAR

Relative Strength Index (RSI)

The RSI line is presently moving at 35.82 points and the SMA 14 is moving at 41.63 points. Both are moving below the neutral level of 50. The RSI will soon enter into the oversold region. During this time the price can fall a bit more. Once the RSI gets below 30 points, the buying entries will be made and from there the price can start an upward move.

Moving Average Convergence/Divergence (MACD)

The fast blue line moving average is moving below the red slow line moving average. The histogram shows falls in the volume which is a sign of the bearish momentum. If the price has to rise, volume has to increase for a major bullish move.

HBAR LIVE CHART

Conclusion

The overall analysis of HBAR indicates a small downward movement and once the price gets under the demand zone and the buying activity starts in the market of the token then price can start rising again. Once the price gets above 200-day EMA, it can be bullish again.

Technical Levels

Support: $0.042 to $0.047

Resistance: $0.052, $0.058 and $0.067 to $0.073

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.