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29 March 2024
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Hedera Hashgraph Price Analysis: HBAR stays below its monthly- low price with negative bearish momentum

  • Hedera’s price fails to keep up its bullish ascent and keeps a bearish trend in the continuation
  • The token’s CMP went down by 3.27% since yesterday’s price and underperformed in its weekly performance by 5.41%
  • HBAR suffers from bearish momentum on the long-term chart due to its loss in the last quarter

Hedera Hashgraph’s price stays neutral after a series of bearish downfalls in the last month. The token’s market cap saw a fall in its value by 5.71% in the last couple of hours. The 24-hour trading volume underwent a reduction of 2.34% due to the current price action of the token. The volume to market cap ratio stands at 0.01536. The HBAR/BTC pair looks bearish with an intraday decrement of 3.73%, followed by the HBAR/ETH pair losing 2.72% during the intraday session.

Source: HBAR/USD by TradingView

HBAR’s hourly chart depicts the ongoing struggle in its price action in the short term. The token’s current market sentiment turns from bearish after a steep fall to neutral. The trend lines indicate that the token is neutral as the lines form a symmetrical triangle. The rectangular region indicates a resistance level above the current market price action. The 50, 100 and 200 EMA lines rally above the current market candlesticks to portray the current bearish action during the intraday session.

HBAR’s price action stay negatively neutral with a risk of losing demand

Source: HBAR/USD by TradingView

The daily chart of HBAR shows that the token has lost 35% of its value in the last quarter. The token currently follows a neutral trend on the long-term chart, with its recent action full of scallops cancelling each other’s effects. The MACD line has flat-lined below the zero level to confirm the neutral change in the trend. The RSI resides inside the neutral zone but slowly descends towards the oversold zone.

Conclusion- Hedera’s stay unchanged on the daily chart, while any variation may affect its short-term rally. One may consider HBAR for day trading or consider the current long-term neutral rally’s price action as a dip to enter the market.

Resistance- $0.347

Support- $0.198

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DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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