Hedera Hashgraph (HBAR) is a public platform that allows developers to create decentralized applications (DApps). It is designed to remove all the barriers that old blockchain-based platforms used to face. Unlike other cryptocurrencies, HBAR is not built on conventional blockchain. However, it has introduced its own distributed ledger technology known as Hashgraph. Let us look at the technical analysis of HBAR.
On July 9, 2021, HBAR opened at $0.171. On July 15, 2021, HBAR closed at $0.174. Thus, in the past week, the HBAR price has increased by approximately 1.75%. In the last 24 hours, HBAR has traded between $0.165 – $0.186.
Day-Ahead and Tomorrow
At the time of press, HBAR is trading at $0.18. The price has increased from the day’s opening price of $0.174. Thus, we are witnessing a small pump in the price. To confirm the trend of the price, we will have to wait and see if the price is breaking the parallel channel or not. A long position can be taken if the price breaks this channel range, and sustains above the price level of $0.197.
Currently, the MACD and signal lines are in the negative zone. However, we can witness a bullish crossover by the signal line over the MACD line. Thus, the overall market momentum is turning bullish. Hence, the HBAR price may rise further and test the resistance level.
The RSI indicator is at 47.37%. It is constantly taking support of the 37% mark and rising. Thus, buying pressures are slowly increasing. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
In short, when we look at all the oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
HBAR Price Analysis
HBAR is currently trading below the second Fibonacci pivot point of $0.1837. If the bulls remain strong till day end, then the price is likely to rise above the FIB resistance level of $0.197. Once the price sustains this level, it will highlight the next resistance at $0.213. Thus, traders will have an opportunity to go long.
If the selling pressure increases, the price that is trading below the FIB level of $0.179, may fall below the FIB support level of $0.166. Thereafter, we have to wait and watch if the price tests and breaks these levels.