Crypto bearish sentiments are getting stronger weekly due to notable volume outflows, although there’s still hope for the bulls if the trend reverses above $0.4. Hbar finds a temporal support.
Hbar’s trend is still under the bears’ radar on the daily chart as it keeps seeing a back-to-back drop in the past few weeks. There’s still hope for the bulls, but the crypto will likely see some bleeding in the future.
However, it has managed to stay firmly above $0.18 during the last leg down and retraced to a two-week high of $0.27 following a sudden surge. It rejected the high yesterday and dropped slightly to where it’s changing hands at $0.27.
This has caused a slight weakness in the price today, but the crypto still holds a substantial gain in the last 24 hours. A further retracement could bring more relief in the market before resuming bearish. Failure to resume bearish may result in a surge capable of reversing the trend.
A continuous rejection under $0.3 could slide the price back to the recent low before breaking lower. This would confirm a lower low and lower high formation on the daily chart before locating solid ground. The key level to watch for support would be $0.1 if that happens.
Source: Tradingview
Resuming bearish, $0.25 and $0.177 are considered as support levels. A breakthrough them could plummet the price to $0.126 in no time.
A retracement above the current high could bring us back to $0.32. Higher resistance levels to watch for an increase are $0.4 and $0.5 in case of a breakout.
Key Resistance Levels: $0.32, $0.4, $0.5
Key Support Levels: $0.25, $0.177, $0.126
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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