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HBAR Price Analysis: HBAR has been trading in a parallel trend and is in a momentum to continue to do so

Published

2 years ago

on

  • HBAR Price has been trading between $ 0.25 and $ 0.34 for quite a while.
  • The coin broke out from an upward sloping parallel channel earlier in 2021
  • The RSI indicator signals neutrality on the daily and hourly time frames
Chart of HBAR/USD by Trading View

HBAR Price has been trading in the range of $ 0.25 and $ 0.34 over the last month. The coin was trading in a steady upward sloping parallel zone for a while before breaking from the pattern after the formation of a double top and triple bottom. The coin has now formed a double top in the current zone and is looking to test the resistance level again, it remains to be seen how the coin will behave at the resistance zone this time. Volumes have been decent for the coin. The Relative Strength Index is indicating neutrality for the coin. The coin has formed long term support at $ 0.20.

Chart of HBAR/USD by Trading View

HBAR Price has been trading between $ 0.25 and $ 0.34 for close to amonth now as can be seen on the hourly chart. The coin had earlier made a downward sloping parallel channel and made a brief descent below the $ 0.25 level only to get back above the support and trade in a paralle channel with a zero slope coefficient. Relative Strength Index is indicating neutrality on the hourly time frame as well. Volumes in the last few hours have been higher than average significantly signaling increasing trader interest as the coin inches closer to the crucial resistance zone.

Conclusion: 

The coin has been on a parallel channel for over a month and the price action action near the resistance zone is crucial for the coin’s future price momentum and hence trader’s can keep an eye on the key price levels.

Support: $ 0.25 

Resistance: $ 0.34

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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