HBAR Price Analysis: Descending Trend Line Could Extend This Correction For Hadera

Source : coingape.com

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The HBAR coin is currently going through a correction phase that offers a 50% discount from its previous top of $0.473. A descending trendline is leading this retracement in the HBAR chart and could provide some great short opportunities until the line is intact

Key technical points:

  • The HBAR coin price drops below the $0.237 support.
  • The intraday trading volume in the HBAR coin is $56.1 Million, indicating a 15.53% loss.

Source- HBAR/USD chart by Tradingview

The last time when we covered an article on HBAR/USD, on November 18th, the coin price gave a decisive breakdown from a highly reliable trendline which carried a bull run from August to November. Thus, the price started moving lower, initiating a correction phase in this coin.

The coin chart showed a steady fall in its price which has recently breached another support level of $0.237. As for now, the coin has dropped 40% from the breakdown point and is currently trading at $0.234, with an intraday gain of $1.29%

The crucial EMAs (20, 50, 100, and 200) show a bearish alignment in this chart. Moreover, the 20 EMA provides dynamic resistance to the coin price. The daily Relative Strength Index (31) has indicated a significant fall in value, slowly approaching the oversold zone.

HBAR/USD 4-hour Time Frame Chart

TradingView Chart

Source- HBAR/USD chart by Tradingview

The HBAR coin is currently in a retest phase, trying to validate this new resistance of $0.237. If the price manages to sustain below this level, the coins will continue to move lower, where it will meet the next crucial support or psychological level $0.2.

However, in case of any bullish play, the crypto traders can maintain a bearish sentiment until the price doesn’t breach the resistance trendline leading to the correction phase.

As per the traditional pivot levels, the nearest resistance for the coin price is $0.26, followed by $0.286. As for the opposite end, the support levels are $0.228 and $0.2

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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