- HBAR price had fallen prey to a massive selloff candlestick in yesterday’s intraday session
- The press time price of HBAR Coin is $0.25 established on the back of a 7.3% decline in the past 24 hours
- The overall price action of HBAR Coin remains confined inside the ascending channel pattern
HBAR Coin price being dismissed by the resistance of $0.25
HBAR Coin price is facing exhaustion after approaching the critical target of $0.25. The $0.25 marks as a strong barrier for the price to take off due to it being the first dead cat bounce since the May flash crash. In addition to being challenged by the resistance zone, the altcoin is now retracing due to the broader cryptocurrency markets.
The token price emerged in an uptrend since the market turned tables in July and even accomplished gains worth 85%. However, yesterday’s slowdown in the crypto market interrupted the uptrend and caused the price to retrace.
While the risk of further decline lingers, investors can expect the support cushion of $0.23 to uphold the current trend and attract a new set of buyers. A bounceback from this level is also bolstered by the 20 Exponential Moving Average.
The Daily Stochastic is presently failing to uphold a particular trend as evidenced by the indecisiveness of the (%K- 46) and (%D-41). Over the upcoming sessions, it is observed that this contemplating trend will most likely lead to a negative crossover. The Relative Strength Index on the other end is stabilizing after falling prey to the overbought session of August 15th.
HBAR Coin formulated Bearish H&S on the 4-hour chart
A brief inspection of the 4-hour chart tells us that the current trend of the altcoin is being eaten by the 20 EMA. Yesterday’s bearish fallout contributed to the price action formulating a bearish H&S pattern. As it appears, the price action of HBAR is now completing the final leg of the bearish structure and will soon nose dive to the $0.23 support level.
A decisive close beneath this particular support cushion will shatter the support of the 50 EMA and expose the price to the nearest support cushion of $0.22.
The MACD on the 4-hour chart has transpired a bearish crossover as evidenced by the decline histogram inside the negative territory. The intensity of the histogram will continue to increase until the HBAR price finds a reliable support cushion.
SUPPORT : $0.23
RESISTANCE : $0.25