HBAR Bullish Over $0.16 – Technical Analysis
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HBAR Bullish Over $0.16 – Technical Analysis

March 5, 2021      Ankita Awasthi

HBAR is the native token of the Hedera open-source blockchain network. It is used for powering many DeFi applications. Recently, Standard Bank group – the largest African bank has entered into a partnership with Hedera Hashgraph (HBAR). We can expect this event to positively impact the HBAR price in the long-run.

Past Performance of HBAR

On February 25, 2021, HBAR started trading at $0.13. As of March 4, 2021, the price closed at $0.13. There has hardly been much change in the HBAR price over the past week.

In the past 24 hours, the price is fluctuating between $0.12 and $0.16.

HBAR Price Analysis

https://www.tradingview.com/x/8fVzmFrH

Day-Ahead and Tomorrow

Currently, HBAR is trading at $0.15. The price has risen from the opening price of $0.13. Thus, the market looks bullish.

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The RSI indicator was in the ‘overbought’ region for almost an hour before it started falling. Currently, it is at 50%. Thus, buying pressures were very high some time back but now selling pressures are slowly catching up. Thus, we can expect a price pullback.

The MACD and signal lines are positive. A bearish crossover by the MACD line over the signal line is indicative of a brief price pullback amidst an overall uptrend.

The OBV indicator has risen steeply implying high demand for HBAR. High buying activity will exert upward pressure on the price. Currently, both the price and OBV lines are moving in the same direction. Thus, we can expect the price to go up.

Presently, HBAR is trading above the Fibonacci pivot point of $0.14. It may soon break out of the first Fibonacci pivot resistance level of $0.15. The price has tested the 23.6% and 38.2% FIB retracement levels of $0.15 and $0.144 and fallen below it.

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However, the price fall looks temporary. By the end of the day, we can expect the price to retest the FIB retracement levels and break out of them. In that case, we can be assured that the price upswing will 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.