HBar's Price Holds at Critical $0.22 Mark Despite Mixed Technical Indications
A 3-day chart analysis by Steph at Crypto has highlighted the significance of the $0.22-$0.23 support region for HBAR. This region has historically acted as a reliable floor during consolidations for HBAR.
In the past few days, the intraday swings for HBAR have been between $0.227 and $0.232. The narrowing of histogram bars suggests that the momentum may be weakening, with the asset currently standing at -0.00273, indicating bearish momentum. The MACD line remains below its signal line at -0.00372, suggesting ongoing selling pressure.
However, if trading volume shows strength defending the 0.23 USD level, HBAR is likely to maintain or slightly rebound around this support. This could be a sign of buyer interest holding the price, as a failure to do so might lead to further price decline as selling pressure overcomes demand and support fails.
If HBAR holds firm above this zone, it may mark the foundation for renewed bullish momentum, potentially driving the price toward previous highs in the $0.31 to $0.35 range. Conversely, a decisive break below $0.22 could pave the way for further declines towards the psychological $0.20 level.
The proximity of HBAR to the lower Bollinger Band at $0.2230 indicates a potential oversold condition. A bounce from the lower Bollinger Band could prompt a recovery towards the basis line at $0.244. Traders are advised to watch for signs of stabilization near the lower Bollinger Band.
At the time of writing, HBAR is currently priced around $0.23, according to data from BraveNewCoin. The token is down roughly 4.7% over the past 24 hours, with a trading volume of approximately $350 million.
With a circulating supply exceeding 42 billion coins, HBAR retains its position as the 23rd largest cryptocurrency by market capitalization, valued near $9.63 billion. The sharp rallies seen through July and August eventually drew back into this range, putting buyers to the test.
Traders are encouraged to closely monitor the situation and make informed decisions based on the market's movements and technical indicators.
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