This text offers a technical evaluation of HBAR and examines key indicators, such because the 200-day Transferring Common, Parabolic SAR, and its present chart construction to supply insights into present market traits and potential future actions of the token.
Hedera Hashgraph is a distributed ledger expertise (DLT) that goals to supply a safe and scalable platform for decentralized purposes (dApps). The platform is governed by the Hedera Governing Council, which is made up of leading organizations across various industries.
One of the native tokens on the Hedera network is HBAR, which has been gaining popularity among traders and investors.
In this article, we will focus on the technical analysis of HBAR, specifically looking at longer time frames to gain insights into its market trends and potential future movements.
Technical Outlook
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200-day Moving Average
The 200-day moving average (MA) is a popular technical indicator used by traders to determine the overall trend of an asset. Currently, HBAR is hovering above the 200-day MA. The cryptocurrency went on an epic run in February of last month, topping at $0.09, and is now retesting the 200-day MA. This level is a critical support zone, and if HBAR breaks below it, it may indicate a bearish trend.
Parabolic SAR – Weekly
The Parabolic SAR is a trend-following indicator that can help traders identify potential reversals in an asset’s price movement. On the weekly chart, HBAR’s Parabolic SAR shows a steady uptrend for consecutive weeks since January of 2023. This is an excellent sign for the token, indicating that it has been attracting buyers.
The Parabolic SAR is one of my favorite indicators I would like to use as it spots trends and reversals. If the trend of HBAR breaks, the SAR indicator must print at least 2-3 consecutive dots above the candle to confirm a downward trend of the token. This can help traders avoid false signals and make informed decisions.
Falling Wedge retest – Weekly
Using a line chart to avoid scam wicks, HBAR on a log chart is exhibiting characteristics of a textbook retest of a falling wedge. This pattern is a bullish sign, indicating that the cryptocurrency may be gearing up for a potential breakout. However, traders must keep an eye on the price action to confirm this trend.
Final Thoughts
HBAR’s technical outlook seems positive, with key indicators showing bullish signs. It is important to note that the cryptocurrency market is highly interconnected, and Bitcoin’s movements can have a significant impact on the entire market. If Bitcoin experiences a significant price movement in the next few weeks, altcoins including HBAR will follow suit. As such, traders must also keep a close eye on Bitcoin’s price action and market sentiment to make informed decisions regarding HBAR and other cryptocurrencies.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.
