Market Cap
24h Vol
5720
Cryptocurrencies
60.01%
Bitcoin Share

HBAR Technical Analysis: 12% Reversal Fails The Breakout Rally

HBAR Technical Analysis: 12% Reversal Fails The Breakout Rally


Cryptoknowmics
2022-09-14 12:00:44

The HBAR price chart shows a 12% bearish engulfing candle sabotaging the wedge breakout rally and warns of a $0.059 breakout. The Hedera (HBAR) tested the $0.075 ceiling with an increase in volume spike. However, a sharp increase in selling pressure brings the market value down below $0.065, teasing a drop to the crucial support level of $0.059. So, should you consider avoiding the buying opportunity at the $0.059 mark? Key Points: The Hedera price action shows a failed bullish breakout of a wedge pattern. The falling prices break under the 50-day EMA teasing a prolonged correction. The intraday trading volume in Hedera is $84.56 million. Source – TradingView HBAR Technical Analysis The Hedera price was pushed to its June-July bottom support level of $0.058 by the most retracement in the cryptocurrency market. However, the technical indicators showed the development of a falling wedge pattern in the daily time frame chart when the prices drew near to this lower support. So, with a substantial increase in volume activity on September 9th, the Hedera price provided a tremendous breakthrough from the patterns’ resistance trendline. However, the coin price has returned with a bearish engulfing candle and is under supply pressure near the psychological threshold of $0.075. Furthermore, the HBAR prices have dropped below $0.065, teasing a drop to $0.059. Moreover, the increased selling projects potentially fall to the $0.050 mark. O...


.
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.