- 1 The Hedera crypto price decreased by 10.44% over the past seven days.
- 2 Bears are looking aggressive in the previous trading sessions.
Hedera (HBAR) failed to sustain the high and reversed its direction, resuming the downtrend that indicates further weakness in the market. The market is trading below the essential support trendline, which could lead to more downside. The market is also in a downtrend on a larger timeframe, as it is creating lower lows.
Hedera has been falling from its prime levels and creating lower-low structures. It is in a bearish trend after breaking below the 20-day and 50-day exponential moving averages. The bearish pressure could force the HBAR price to form a new lower low soon and extend the downtrend.
The current situation requires traders and investors to be patient and wait for a clear signal of a break above or below the range before making any moves. They should also avoid FOMO and minimize losses.
Hedera crypto price fell 10.44% last week and it declined by 7.41% throughout the month. Furthermore, HBAR cryptos experienced a rise of roughly 40.78% within the past six months and an increase of 39.28% over the past year.
The HBAR crypto price has slipped by approximately 11.97% year to date. These trends indicate the volatility faced by Hedera cryptos in their recovery efforts throughout the year.
A Technical Analysis of Hedera Crypto Price in a 1-D Timeframe
Source: Hedera.1D.USD by TradingView
At the moment, Hedera crypto (USD: HBAR) is trading below the 50 and 200-day EMAs (Exponential moving averages), which do not support the price trend. If bulls want to make a comeback, they will have to rise and sustain the price above the major EMAs. However, the sellers seem to be more aggressive as compared to buyers.
The current value of RSI is 42.44 points. The 14 SMA is above the median line at 45.83 points, which indicates that the Hedera crypto is bearish.
The MACD line at -0.00158488 and the signal line at -0.00049676 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the HBAR crypto price.
Summary
The Hedera crypto price prediction indicates bearishness in the chart. The sellers are dominating on the higher levels. Hedera (USD: HBAR) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and implying that the downtrend may continue in the HBAR crypto price.
The Hedera Price action suggests that the investors and traders are bearish on the 1-D time frame. The technical analysis suggests that the Hedera crypto price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.
Technical Levels
Support Levels: $0.06561153.
Resistance Levels: $0.08791732.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
Read the full article here
