- The HBAR token price is hovering around the demand zone on a daily time frame.
- The HBAR token price is forming a falling wedge pattern on a daily time frame.
- The pair of HBAR/BTC is trading at the price level of 0.0000023 with a decrease of -1.09% in the past 24 hours.
The HBAR token price is trading at the demand zone on a daily time frame, as the token price managed to sustain above it despite the heavy fall. The HBAR token price is trading in a small range for the past 72 hours. The token price is forming lower low and lower high formation on a daily time frame. The HBAR token price has bounced off the demand zone with a strong bullish candle formation. At present, the token price is forming an indecisive candlestick pattern from the past 72 hours after breaking the supply zone. At present, the HBAR token is trading below the 50 and 100 MAs. The token price fell from the supply zone on a daily time frame, as a result, it fell below the 50 and 100 MAs. Moving upwards the token price can be seen facing strong rejection from these MAs. At present, the HBAR token price is trading in the middle of the Bollinger band indicator. The token price bounced off the lower band of the Bollinger band indicator. The range of the Bollinger Band indicator has narrowed indicating a massive move in the upcoming trading days. The token price has also fallen below the 14 SMA. Volumes have been normal as the token price consolidates. An investor should remain cautious and wait for a proper bounce back if the breakout zone.
The HBAR token price is forming a falling wedge pattern on a daily time frame
Average Directional Movement Index: ADX curve has been falling on a daily time frame as the token continues to fall. It is a negative sign for the token price. In a daily time frame, the ADX curve has slipped below the 30 mark and has turned downwards. As the token price rests at the short-term demand zone on a daily time frame. Investors should wait for a positive candle formation at the demand zone.
Relative Strength Index: RSI curve is currently trading at the level of 47.45.RSI curve is yet to cross the halfway mark of 50. Once the token price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the HBAR token. The RSI curve has also crossed the 14 SMA upwards indicating upwards movement. If the token falls below the demand zone, the RSI curve can be seen falling further.
Moving Average Convergence Divergence: The MACD indicator is positive as the token price fell. As seen on the chart, the token price broke the important supply zone in a lower time frame and as a result the MACD indicator also gave a positive crossover. The blue line crossed the orange line on the upside. If the token price falls further the MACD lines can be seen triggering the negative crossover.
CONCLUSION: The HBAR token price is bullish as seen in a larger time frame. Price action suggests the same, and on a daily time frame, the token is still in bullish mode. The technical parameters are bullish as the token price broke the important supply zone. It remains to see if the HBAR token price will bounce off the breakout zone or fails to do so and break further below.
SUPPORT: $0.060 and $0.057
RESISTANCE: $0.070 and $0.077