HEDERA PRICE ANALYSIS & PREDICTION (February 20) –Hbar Bounces Slightly After Weeks of Drops, Find Temporal Support
Hbar continued to recover after shedding massive losses in the past weeks. However, its outlook remains bearish on the daily chart but is now showing signs of strength after locating support.
The aftermath of the early month crash has caused a lot skepticism among investors, although few mid-cap altcoins have seen a slight recovery but Hbar remains red amid rising supply.
On Tuesday, the crypto found temporal support after testing the $0.19 level. It bounced off this level and increased near $0.23, retesting a recently broken minor support level as resistance. A rejection occurred there and the price retraced to where it currently trades at $0.22.
The bears are still gaining dominance on the daily chart. If they step back into action, the price will continue to dip until exhaustion sets in. Meanwhile, the bulls are currently pessimistic about the latest move as there’s no conviction for a buy yet.
A steady push above the consolidated $0.25 level could pave a way for a strong recovery. This could bring a sigh of relief as bias turns positive. With the look of things, the bears will likely have an upper hand.
While it is yet to make a shift, Hbar may continue to lose momentum until it finds a key level for a rebound. Right now, the bulls are showing interest.
HBAR’s Key Level To Watch
Following this short bounce, the price may face resistance at $0.25. A push above this level could propel buying towards the $0.32 resistance and potentially $0.4 in the near term.
Losing this week’s low might cause more sell-offs in the market. If that happens, the immediate support level for a breakdown is $0.177 with the $0.126 level. It may collapse to $0.095 if those levels fail to hold.
Key Resistance Levels: $0.25, $0.32, $0.4
Key Support Levels: $0.177, $0.126, $0.095
- Spot Price: $0.22
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
