$HARD Has shown signs of breaking major resistance levels, which could indicate the beginning of a significant upward trend. This is supported by patterns observed in the market, including a falling wedge breakout and an ascending triangle breakout. These patterns typically suggest a bullish outlook, with the potential for the price to increase further if these levels are maintained.
Technical Indicators:
Moving Averages:
The convergence of short-term moving averages like the 8 EMA and 21 EMA, along with the 50 SMA, suggests a potential for bullish momentum if the price can sustain above these averages.
Fibonacci Levels:
Key Fibonacci retracement levels have acted as magnets for price action, with the -61.8% level being particularly significant. Breaking above these points could signal further upward movement.
Volume and Monitoring:
The coin has been described as unpumped with good monitoring, implying that it might not yet have reached its full potential in terms of market attention and price surge.
Market Sentiment:
Indicate a growing interest and positive sentiment towards HARD, with comparisons to other cryptocurrencies that have seen significant gains post similar chart patterns. However, this sentiment should be taken cautiously as social media can be a source of hype rather than concrete analysis.
Risks and Considerations:
While technical analysis provides a framework for understanding potential price movements, it's crucial to consider the inherent volatility of the cryptocurrency market. External factors like regulatory news, broader market trends, or specific developments within the HARD Protocol ecosystem can significantly influence its price independently of chart patterns.
Trading Strategy:
If you're considering trading HARD based on this analysis, watch for sustained breaks above resistance levels, particularly around significant Fibonacci retracement points or previous points of control (POC). Ensure to set stop-losses to manage risk, given the unpredictable nature of crypto markets.
DYOR!!