Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The chances of an HBAR pullback are strong. This does not mean shorting the asset is a feasible idea. Hedera faced a 93.8% drawdown from its peak at $0.576 in November 2021 to its […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.This does not mean shorting the asset is a feasible idea.faced a 93.8% drawdown from its peak at $0.576 in November 2021 to its lows at $0.0356 in December 2022. Since reaching this low, the price has found steady demand. The rally of the past six weeks coincided with a run upward forIt was unclear how much higher HBAR can go. $0.1 and $0.
This FVG extended from $0.062-$0.069. This area also acted as resistance from September to early November 2022. In the past two months, the price broke the market structure to bullish when it surged above $0.05 on 14 January.The price faced rejection at $0.07, retraced to fill the gap at $0.062. After two weeks of consolidation around $0.067, the bulls overpowered the sellers.
At the time of writing, HBAR traded at $0.094. But the strong recent move has left a similar FVG at $0.08. Hence, a retracement into this region is one that bulls can await. The daily RSI began to form a bearish divergence with the price. Yet, the OBV remained in a sharp uptrend,On the 1-hour chart, the prices and the Open Interest were in a strong uptrend. The spot CVD also climbed sharply upward. Together they signaled strong capital inflow to the market and underlined bullish strength.
The predicted funding rate dipped into negative territory multiple times over the past few days. At the same time, short positions saw a decent chunk of liquidations. Hence, it showed that market participants did try to fade the rally but got punished. As things stand, it was dangerous to short HBAR, unless it is an intraday scalp trade. The higher timeframe structure remains bullish. A drop below $0.08 and $0.06 would flip the structure to bearish.Subscribe to get it daily in your inbox.
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