Recovering slightly from yesterday’s drops, Hbar posted a few gains today as it slowly climbs back. It currently looks strong but will likely resume bearish if the supply level continues to increase weekly.
After a short increase last week, Hbar resumes selling on Monday after facing a rejection under $0.3 last weekend. It later found support above $0.2 and increased on Tuesday. The increase halted the following day, and the price dropped.
Today, the price increased and showed strength amid the overnight reductions in altcoins’ prices. This has brought a minor gain, but with the look of things, there’s no assurance if the gain will hold for long.
The current daily bearish bias may be sustained during the Asian session. And if that happens, Hbar may lose momentum and join other altcoins in a fresh dip. A change in the bias could bring more increases.
While the next price direction still looks dicey for this asset, its short-term bearish trajectory remains intact on the daily chart. If the trajectory continues to play, it may experience a bigger drop in the coming weeks.
Inversely, if the bulls take advantage of the recent increase to step back in the market, they must reclaim the local peak before taking charge. Unfortunately, there’s not enough demand in the market to sustain them at the time of writing.
HBAR’s Key Level To Watch
Retaking last week’s $0.288 high should signal a conviction for a buy. Higher resistance levels to watch next would be $0.4 and $0.5.
Losing the current daily low could roll the price back to $0.177 – marked as February’s low. Dropping off this low could trigger a violent dip to $0.126 and potentially $0.1 in the far term.
Key Resistance Levels: $0.288, $0.4, $0.5
Key Support Levels: $0.177, $0.126, $0.1
- Spot Price: $0.25
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.