HBAR Technical Analysis: Price May Soon Fall Below the Pivot Point and Below the First Support Level of $0.33
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HBAR Technical Analysis: Price May Soon Fall Below the Pivot Point and Below the First Support Level of $0.33

May 14, 2021      Ankita Awasthi

Hedera Hashgraph is a public blockchain network that allows users to create customized, fast, tamper-proof, and fair decentralized applications. It is a PoS-based network with minimal transaction processing time and bandwidth consumption. HBAR is the prime governance token of this network and the technical analysis is as follows:

Past Performance

On May 7, 2021, HBAR opened at $0.30. On May 13, 2021, HBAR closed at $0.33. Thus, in the past week, the HBAR price surged by roughly 10%. In the last 24 hours, HBAR has traded between $0.33-$0.39.



Day-Ahead and Tomorrow

Currently, HBAR is trading at $0.35. The price has increased from the day’s opening price of $0.33. Hence, the market seems to be bullish.

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The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Thus, we can expect an intermittent price pullback amidst a positive trend.

The RSI indicator is currently at 52%. It faced rejection at 59% and fell to the current level. Thus, selling pressures are high. Hence, as per the signals given by both the MACD and RSI oscillators, we can say that a price pullback is likely.

The OBV indicator is falling steadily too. This implies that selling volumes are higher than buying volumes. High selling activity will push the price further down. Thus, the OBV indicator is giving further credence to the price pullback indicated by the other two oscillators.

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HBAR Technical Analysis

The HBAR price is currently above the Fibonacci pivot point of $0.35. However, it may soon fall below the pivot point and further below the first support level of $0.33. Thereafter, we have to wait and watch to see if the price uptrend resumes.

The price has fallen below the 50% FIB retracement level of $0.36. It may soon fall below 38.2% and 23.6% FIB retracement levels of $0.31 and $0.29 respectively. However, if by day end, the price retests and breaks out of these levels, then we can expect the bullish trend to continue tomorrow as well.

#HBAR #Hedera Hashgraph
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.