Hedera Price Prediction: Will HBAR hold near the support mark of $0.550?

• HBAR shows bearish cues and is struggling near the support range.
• Hedera price has seen a downside move in the past weeks.

Hedera Hashgraph coin is at the crucial support range and struggling below the significant moving averages. The coin is below the neutrality and indicates further downside moves if it breaks below the bottom line of $0.0550. The price is near the demand zone, where buyers maintain a grip and will try to attempt a bounce. However, HBAR has been under sellers’ control for weeks, and the coin noted selling pressure. 

Hedera Hashgraph is a decentralized public network that aims to provide a secure, fast, and fair platform for dapps. The ecosystem helps to power Web 3 and institutional applications. The network has the ability to process over 10000 Transactions per second, making it one of the fastest cryptocurrencies.

When writing, HBAR trades at $0.05703 with an intraday surge of 1.57%, and the pair of HBAR/BTC is at 0.000001971 satoshis. Moreover, the trading volume is noted with a drop of 23%. 

Hedera token Daily Charts Shows Double Bottom Pattern

On the daily chart, Hedera forms a double bottom pattern and shows buyers are trying to accumulate price from the support range. Moreover, the double bottom formation is a reversal pattern suggesting that a bounce can be seen if the coin trades above the trendline mark of $0.570. The price is below the lower Bollinger band, which is also a buyer’s concern. HBAR also forms a rising wedge pattern indicating an upside move is pending with trajectory marks of $0.6000. Buyers will try to pull the price above the congestion zone if the coin holds the selling pressure without any down move. 

As per the Fib levels, the HBAR coin is breaking the 38.2% level, and either it will retest the 23.6% level near $0.0500 or bounce again.

Short Term Charts Shows Neutral Perspective

On the 4-hour charts, HBAR is showing neutral cues as both the traditional indicators are not showing any decisive moves, and trading volume is also not supporting from the last sessions. Hedera coin has been observing a declining trend over the past few months. It is trading near the crucial level but can see a bounceback in the future.

The RSI is near 40 below the neutral mark and indicates a languid pace of momentum from investors. The MACD indicator shows the MA line and signal line converging, and crossover can be seen in the upcoming sessions.

Conclusion:

HBAR price is struggling near the crucial support mark and trying to escape the congestion zone.

Technical Levels:

Support Levels: $0.0500

Resistance Levels: $0.6000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.