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HEDERA token price analysis: HBAR token price is squeezed inside a zone.

  • The HBAR token price is trading at the demand zone, after facing strong bearish pressure in the supply zone in a weekly time frame.
  • The HBAR token price is forming a downward sloping parallel channel pattern on a daily time frame.
  • The pair of HBAR/BTC is trading at the price level of 0.00000290  with an increase of 1.81% in the past 24 hours.

The HBAR token price is trading at the demand zone as per the price action on a weekly time frame. The token price is hovering at the demand zone forming lower low and lower high formation in a weekly time frame. The token price is bullish as it is forming higher high and higher low price structures on an hourly time frame.

HBAR token price is resting at the supply zone on a 4-hour time frame. The recent bounce off the demand zone was strong which resulted in a strong rally without any pullback. The HBAR token price is bullish on a lower time frame while it stays in bearish trajectory on a weekly time frame. 

At present, HBAR token price is trading below the 50 and 100 Moving Averages. The recent fall in the price of HBAR tokens led to the breakdown of the 50 and 100 MAs.  Moving upwards the token price can be seen facing strong rejection from these MAs. Currently, the token price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. Volumes have increased causing the volatility to increase and therefore investors should remain cautious and wait for a clear trend.

The HBAR token price is forming a downward sloping parallel channel pattern on a daily time frame

Relative Strength Index: RSI curve is trading at the price of 40.01 as the token bounces off the demand zone. At present, the RSI curve has fallen below the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the lower time frame. The HBAR token price can be seen moving if it sustains the recent gains and if it does then the RSI curve can be seen moving even higher up supporting the trend. Once the HBAR token price crosses the supply zone with a strong bullish momentum the RSi curve can be seen rising higher. Although investors should remain cautious and look out if the RSI curve is reaching the overbought zone as it could be dangerous for the HBAR token price.

Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token gave a breakdown of the demand zone on a lower time frame. The blue line crossed the orange line on the downside. This has resulted in the token price moving down strongly in a 4-hour time frame in the past week. Since then the token price has not managed to surpass the breakdown level. As of now, the token price has bounced off the demand zone, and if the same continues then the MACD line can be seen giving a positive crossover. Further supporting the breakout trend.

Supertrend: The HBAR token price has turned bearish as it failed to surpass the supply zone forming a strong bearish candlestick pattern on a daily time frame. Bearishness resulted in the HBAR token price falling below the important short-term demand zone. Previously the HBAR token price was resting on the super trend buy line. As the token price fell, the super trend indicator triggered a sell signal. As of now, the HBAR token price is trading below the super trend sell line, and moving upwards the token price can be seen facing rejections off the super trend line.

Conclusion: The HBAR token price is resting at the long-term demand zone, as it forms a bullish chart pattern on a daily time frame as the price action suggests. The technical parameters have turned positive as the token price rose from the demand zone. As of now, the token price is consolidating. It remains to see if the token price will break the supply zone and start moving up after consolidation or fall to the demand zone. An investor should wait for a proper signal of breakout on either side and then act accordingly. 

Support: $0.042 and $0.040

Resistance: $0.057 and $0.054

Ritika Sharma: Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.