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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 03, 2023 08:54 UTC
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HBAR Price Analysis: Shakeout For HBAR Buyers With Pullback!
HBAR price trend highlights a small hiccup in the ongoing upcycles within a symmetrical triangle.
The recovery rally struggles to sustain above the 200-day EMA.
A closing price above the 50-day EMA can spring the HBAR price to $0.069.
As Bitcoin drops back under the psychological mark of $35K, the altcoins market takes a short pullback. Similar to other altcoins, the HBAR coin price also takes a hit and retests the 200-day EMA.
Regardless of the shortcomings, the overall upcycle sustains momentum with a 19% recovery in the last two weeks.
Taking a double bottom reversal from the $0.045 mark, the HBAR price trend showcases a positive trend within a symmetrical triangle. The recovery rally crosses above the 50-day EMA and the 200-day EMA to reach the $0.057 mark.
However, with a sudden reversal in the overall market, the HBAR prices struggle to sustain above the $0.057 mark. With higher price rejection and a 1.72% intraday fall, the HBAR coin trades at $0.054.
With a small hiccup disrupting the upcycle, the buyers are losing their footing and struggling to hold the fort at the 200-day EMA. In case the market fails to hold down the correction phase, the altcoins market can face a sharp pullback.
Technical indicator:
MACD indicator: The MACD and signal lines are on a rising trend but are losing the bullish gap due to the increased supply. Therefore, the momentum indicator shows a loss in trend momentum and teases a negative crossover.
EMAs: By crossing above the 200-day EMA, the HBAR price reached a milestone and increased the triangle breakout chances. However, the supply surpassing the average line warns of a deep correction.
Will HBAR Price Rise Above $0.050?
As the HBAR price overcomes the dynamic resistances, the chances are on the bullish side, sustaining the momentum. However, in resonance with the market-wide fall, the altcoin may soon experience a huge incoming supply pressure.
Currently, the price trend sustains above the 200-day EMA and might reach $0.065 to give a triangle breakout if it crosses $0.060.
On the flip side, if the prices fail to sustain above the 200-day EMA, the HBAR price may drop to $0.045.
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