Hedera Price Analysis: HBAR Will Finally Have A Bullish Weekend After A Long Run
- The Hedera coin is training in a symmetrical triangle pattern after reversing from the monthly low.
- The market capitalization remains below $2 billion, despite increasing more than 6% in the past 24 hours.
- The HBAR coin belonging to the bitcoin pair is trading down 6.23% at 0.00000318 Satoshis.
Since last September, the hedera currency has underperformed, with each rally turning into a selloff.
The HBAR monthly chart above indicates a decline in demand for HBAR tokens from the collapse of the 0.3036 support level on Dec 21. Another break of the bullish support of the inner bar (0.1937), that sellers also broke
Recently, the HBAR token registered a new 52-week low at $0.0736. As the Hedera coin is training in a symmetrical triangular pattern (white) after the monthly low reversal. And the bulls approach the upper trendline of the pattern to reduce short-term selling pressure.
So, at the time of writing, HBAR was trading at $0.094, while having reached the conceptual level of $0.10 as resistance. With a slight 3.8% rally in the weekly price candle, the bulls will be looking for the first bullish weekly close after a long stretch.
Meanwhile, the market capitalization remains below $2 billion, despite increasing more than 6% in the past 24 hours. Additionally, the HBAR coin belonging to the bitcoin pair is trading down 6.23% at 0.00000318 satoshis. Traders with higher outlooks saw more than 100 trading volumes increase over the past night.
The triangular pattern still exists
Additionally, significant EMAs such as 20 and 50 are well above the current Hedera coin price in terms of the daily price chart. And the 20 EMA may act as the most recent bullish barrier.
Along with the bullish move of HBAR, the RSI indicator moved towards the half line on the daily chart.
As the bulls approach the upper trendline of the lower pattern to reduce the selling pressure on the Hedera coin in the short term. Additionally, bulls will note the first bullish weekly close after a long stretch.
Support level – $0.085 and $0.075
Resistance level – $0.11 and $0.15
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