- Hedera Hashgraph (HBAR) is currently resting on a crucial support level; holding it may trigger a rebound to $0.19.
- If HBAR closes below $0.12 weekly, it could face further significant downward pressure in the market.
- A bullish divergence between HBAR price and RSI suggests selling may be stalling, offering potential buying opportunities.
Hedera Hashgraph (HBAR) is also displaying signs that it may begin to recover from testing a major support level. It is expected that as long as this level is kept intact, a rebound may happen for the token. A breach below this level may lead to further declines for HBAR.
At the time of writing, HBAR is trading at $0.1464, with a 24-hour trading volume of $359.66 million and a market capitalization of $6.22 billion. Over the last 24 hours, HBAR has dipped slightly by 1.01%, reflecting mild market pressure as investors keep a close eye on its next move.
Hedera Hashgraph Near Key Support
Crypto analyst CryptoPulse also noted that HBAR is currently resting on its weekly demand zone, which is an important level of support that has shown strong reversal signs in the past and served as a floor for many reversals to higher prices for buying activities to kick in. Unless this level is breached to the downside, HBAR should move to $0.17 to $0.19.
Meanwhile, breaking below $0.12 on a weekly closing basis may weaken the structure of the token and pave the way for further downward movement into the markets.
Bullish Signal Emerging for HBAR
In addition to this outlook, analyst Chad pointed out a bullish divergence between the HBAR price and its Relative Strength Index (RSI) on its 4-hour chart. This is because divergences between prices and the RSI can occasionally show that selling is stalling and may present opportunities for bounces to occur.
Overall, market analysts are observing HBAR’s performance very closely within this significant support region. It may create opportunities for further uptrends if it stays strong above this region, but it may result in further corrections if it breaches below this region.
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HBAR Shows Pressure as Indicators Cool Down
The RSI is currently at 38.89 levels and is experiencing weak momentum, while the MA Ribbon is diverging with its 20-SMA at 0.15121 and 50-SMA at 0.21421 levels, indicative of strong bear pressure. Additionally, Price is also below the ribbon, indicative of buyers lacking dominance in the market. It can thus be interpreted that the market is experiencing a slow move to the bottom.
The MACD is at -0.00994 and is below the signal line at -0.00106, maintaining its negative momentum. The histogram is also shown to be red, having weak bullish power. Until now, no signs of convergence or crossover among these MACD lines have been seen to support further downward action.
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