HBAR Technical Analysis: Gaining a Position and the Growth Continuation
HBAR Market Character
Impulse, consolidation, impulse, consolidation. This is exactly what the HBAR market looks like when analyzed on a weekly timeframe. However, such simple things are not enough to reveal the soul of HBAR and understand its prospects. The ongoing consolidation in the HBAR market, which lasted almost the entire year of 2020, gave all investors a strong growth wave of more than 1200%. The Hedera Hashgraph crypto project has become really interesting, as evidenced by the trading volumes, which since January 2021 is extremely high. Having set a historic high in May, buyers could not fix above $0.33. Since then, the HBAR market is undergoing a correction.
As we can see in the weekly timeframe throughout the correction, buyers are constantly slowing down the HBAR coin price fall, not allowing any weekly candle to close without a pin. The correction is on average volumes and the fact that the range of $0.13-$0.15 is maintained indicates ambitious plans for buyers to continue to grow. Plans are plans, but where is the confirmation of such an opinion?
Trading volumes on the weekly timeframe, by which buyers are trying to raise the HBAR coin price for the third week is extremely small. The activity of cryptocurrency has significantly fallen. It indicates that buyers have not yet gained new positions for a powerful shot up.
Hedera Hashgraph Technical Analysis on the Daily Timeframe
If we analyze the daily timeframe, we see that the last high activity of market participants was in the period from 19 to 27 May.
This activity took place in a broad consolidation, which now seeks to reach the HBAR coin price. That is why the behaviour of buyers in the range of $0.25-$0.27 should be carefully studied. This range is the only obstacle for buyers on the way to the test of the historical high and its update.
In addition, in recent days, the HBAR coin price has significantly slowed around $0.212. Until the price is firmly fixed above this mark, it is worth following the critical point of buyers — $0.2. Without keeping this mark, buyers can return the initiative and will have to defend themselves near the mark of $0.16.
The situation on the HBARBTC market looks spicy:
Since March 2021, the HBARBTC market has been consolidating and the price range is constantly narrowing. Attempts by buyers to break through the consolidation on 3 August were unsuccessful. Therefore, consolidation in the HBAR market has a great chance to continue. Though, without a doubt, after gaining a large position in the HBAR market, we will see a powerful rally again.