HBAR Technical Analysis: Recovery Within Wedge Hopes A Breakout
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Let us move ahead to read about HBAR technical analysis.
Past Performance of HBAR
The HBAR coin price continues the wave of lower low formations under the influence of a resistance trendline in the daily chart. The price shows a downfall of 30% in the last month including the 15% jump in the last week. The price approaches the resistance trendline with increased bullish morale to overcome the selling pressure.
HBAR Technical Analysis
The HBAR coin price action shows a bullish retracement from the $0.20 horizontal level within the falling wedge pattern. Moreover, the jump increases the chances of a bullish breakout as the pattern bottles up.
The crucial Exponential Moving averages shows a bearish crossover of the 100 and 200-day EMA in the daily chart. Moreover, the 50-day EMA provides resistance to the bullish attempt.
The RSI indicator shows an increase in the buying pressure as the slope crosses over the 14-day average line. Moreover, the slope can shortly breach the central line to enter the nearly overbought zone.
The Stochastic RSI indicator shows a weakness in the K line as it bends to give a potential crossover with the D line in the overbought zone. Therefore, the indicator reflects the possibility of a reversal in HBAR prices from the resistance trendline.
In a nutshell, the increased bullish morale might shortly break above the falling wedge pattern.
Upcoming Trend
The HBAR technical analysis shows the coin price gaining bullish momentum with the reversal from the $0.20 horizontal level. The rising prices may shortly give an excellent entry opportunity as the chances of a bullish breakout of the falling wedge increases.
The post-breakout rally may find opposition near the $0.25 and $0.30 horizontal levels. And, in case of a reversal, support levels are at $0.22 and $0.20.