Journalist
Posted:
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- HBAR has a bearish structure and showed downward momentum on the lower time frame charts.
- The retest of the range lows likely presented a buying opportunity.
Hedera [HBAR] posted strong gains between September 12 and 14. The rally was 21.15% and lasted a little over two days, but HBAR encountered a higher timeframe resistance zone around $0.054.
Read Hedera’s [HBAR] Price forecast 2023-24
Hedera is also on its way to becoming one of the top networks for stablecoin issuers, something that long-term investors would be very interested in. But in the short term, prices have not seen a steady trend over the past two weeks.
The lows of the range were attacked again
Source: HBAR/USDT on TradingView
The 2-hour chart showed that Hedera has traded within a range (orange) stretching from $0.049-$0.052. At the time of writing, HBAR was seeing a recovery from range lows, but momentum and market structure were bearish.
The mid-range resistance at $0.0506 was a target for lower time frame traders looking to extend this rebound.
The CMF showed that there has been no significant capital inflow into the Hedera market in recent days, on the contrary. The indicator has been below -0.05 for most of the last 48 hours, indicating strong selling pressure.
The $0.054-$0.057 region (red box) in the north was a bearish order block on the 12-hour chart. It has been going on since August 29 and the mid-September rally faced a strong rejection from this resistance zone.
The increase in demand for HBAR in the spot market could be a sign of things to come
Source: Coinalyse
Coinalyze data shows that market sentiment has been strongly bearish since September 24. Open Interest fell as prices fell lower, indicating discouraged longs and pessimism. But this could soon change.
How much are 1,10,100 HBARs worth today?
The spot CVD saw a hopeful upward move, indicating that buyers in the spot markets were regaining momentum. Yet the OI continued to show a lack of conviction.
Buying HBAR at the low end of the range could be risky for these reasons, but it was also possible that the price could rise back towards $0.052.
