HBAR Technical Analysis: Valley Formed in the Past Week, Downtrend Took Crucial Support at $0.34 to Reverse Itself

Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications (DApps). Hedera Hashgraph (HBAR) has two founders: Dr. Leemon Baird and Mance Harmon. It was funded through an initial coin offering (ICO) in August 2018 and first launched open access to its main net just over a year later in September 2019. Hedera Hashgraph is not built on top of a conventional blockchain, instead, it uses a new ledger technology known as a Hashgraph. Let us look at the technical analysis of HBAR. Past Performance HBAR started trading at $0.357 on 14 October 2021. The week witnessed a valley in the price, after which it closed on 20 October 2021 at $0.4. This was an overall change of 12% over the week. Sources: https://www.tradingview.com/x/A1lLkXhi/ HBAR Technical Analysis It can be seen in the chart that a valley was formed in the past week. The downtrend took crucial support at $0.34 to reverse itself. Currently, it is trading at $0.39, which is 2.41% down from yesterday’s close. OBV is in an uptrend, showing that the buying pressure is dominating the selling pressure. However, a straight horizontal tail of the graph can be seen. This is a bullish signal and traders may take a long position. RSI is showing a dip at the end of its graph. This can be a bearish signal. It is currently at 56.41%. The HBAR traders may take a short position if the price continues to fall. MACD is showing a positive signal and confirming the last week’s valley as well. This can be seen as the lines are moving close to each other, but they are moved from the negative region to the positive region. Thus, the traders may take a long position here. Day-Ahead and Tomorrow Fib retracement shows that the valley took support from the fib pivot point at $0.35. Currently, the fib level at $0.4 is being tested. Thus, the indicators are giving mixed signals. The traders may take a long position by keeping the target at $0.42 if the price continues the uptrend. If the HBAR price starts to correct itself, then the traders may take a short position. In both scenarios, a stop-loss can be placed at $0.378.
The post HBAR Technical Analysis: Valley Formed in the Past Week, Downtrend Took Crucial Support at $0.34 to Reverse Itself appeared first on Cryptoknowmics-Crypto News and Media Platform.

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