Hedera (HBAR) Breached Critical Support Trendline – Price Analysis

Hedera (HBAR) maintains a bullish price trend. However, the altcoin might witness a deepening correction this time as HBAR/USD plummeted under a critical support line, the level that has supported upsurges since long ago. However, the altcoin has to undergo a retest stage to authorize this downtrend.

Vital technical points:

The HBAR’s daily Relative Strength Index chart indicates a sharp value drop.

HBAR had its intraday trading volume at $76.5 million, confirming an 18% plunge.

Hedera coin witnessed a steady upsurge with higher lows and higher highs in the technical price chart. The rally resulted in a decent recovery as the alternative crypto suffered a sudden drop during the September sessions.

Moreover, market enthusiasts can note that an ascending Trendline emerged. The line provided HBAR support. On November 18, HBAR witnessed its price suffering a critical breakdown from this line, showing that the coin can plunge lower.

The RSI (47) shows a bearish picture of crypto. Nevertheless, the significant fall in the Relative Strength Index indicates the climbing seller’s strength in the market. Meanwhile, the critical exponential moving average’s (20, 50, 100, plus 200) shows the coin still depicts overall bullishness, as the alt has its price the 100 and 200 exponential moving average, the trend defining levels.

HBAR/USD 4Hr Chart

HBAR has its price retracing towards an ascending Trendline at the moment, expecting a dependable resistance around this zone. This retest face is vital in validating whether the asset’s breakdown was sincere and price drop confirmation.

Meanwhile, traditional pivot zones show that HBAR will secure its closest support at $0. 336, then $0.298. On the other hand, the alternative coin has its resistance levels stand at $0.388, then $0.43.

Meanwhile, Bitcoin still hovers below the $60,000-mark. That comes after the leading digital crypto surged to a new ATH some weeks. Bitcoin dropped towards $55,000 before its recovery efforts saw it stuck under $60,000. While writing this article, Bitcoin hovers around $59,151.

Bitcoin should cross above the psychological at $60,000 for the overall crypto market to gain stability. With that, the cryptocurrency space will see bullishness. Such action will see altcoins, including HBAR securing stable upswings.

By Piotr Swat – Shutterstock.com

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