HBAR Technical Analysis: Price Has Decreased from the Opening Price of $0.21

HEDERA HASHGRAPH is a domain that allows both individuals and companies to develop decentralized applications(DApps). HBAR focuses on removing discrepancies that are involved in the older platforms such, as slow performance and instability.Let us look at the technical analysis for the same.

Past Performance

On June 25, 2021, HBAR started trading at $0.19. As of July 01, 2021, the closing price of HBAR was $0.21. Thus, in the past week, the HBAR price has been volatile. In the last 24 hours, HBAR has traded between $0.18 – $0.21.

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Day Ahead And Tomorrow

Currently, HBAR is trading at $0.19. The price has decreased from the opening price of $0.21. Thus, the market looks a bit bearish.

The MACD and signal lines are in the negative zone. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish, and we can expect a price to rise. However, both the lines are close to the zero lines and may change signs soon. If selling pressure takes over the buying pressure, we might witness a clear breakout on the downside for HBAR.

The RSI indicator is at 46.89%. It has fallen from the 53% mark. Thus, it indicates that the selling pressure is mounting up in the market. Hence, we can expect the price to fall for some time.

The price has been tested and fallen below the Fibonacci pivot point of $0.21. As some of the oscillators have shown bearish signals, we can expect the price to fall and test the first Fibonacci pivot support level of $0.19 soon.

HBAR Technical Analysis

The price has been tested and is currently trading at a 38.2% FIB retracement level of $0.19. If the price falls below the 23.6% FIB extension level of $0.17 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

However, if the price tests and rises above the 38.2% FIB retracement level of $0.21. It can test the 50% FIB retracement level of $0.23.