Overview
Currently, $HBAR is trading at $0.1958, reflecting a slight decrease of 2.92%. The daily trading range has fluctuated between $0.1789 and $0.2038. Notably, the price has dropped under the mid-Bollinger band at $0.2190 and is now testing the lower band at $0.1767 to see if it acts as support.
Technical Analysis:
🔹Bollinger Bands: We've observed a strong breakdown, and the price is hovering near the lower band. Will it bounce back or continue on its downward trajectory?
🔹MACD: The momentum remains bearish with MACD at -0.0019, DIF at -0.0085, and DEA at -0.0066, indicating ongoing downtrend pressure.
🔹 RSI (6): Currently at 34.05, we're nearing the oversold territory, hinting at a possible bounce ahead.
🔹 Stochastic (K/D/J):K at 20.87, D at 33.74, and J at -4.87 all suggest that we are in a deep oversold zone, making a reversal plausible.
OBV :At 23.29B, the decline in volume points to weak buying pressure.
Support Zone: Key levels to watch are between $0.175 - $0.180; holding this range could pave the way for a rebound.
Resistance Levels: Targeting $0.22 - $0.25 will be essential for a bullish breakout.
Trade Strategy:
Scalping Entr Consider entering at $0.18 - $0.19, with targets set at $0.22 - $0.23 and a stop-loss at $0.175.
🔹Swing Entry: Look to accumulate shares in the range of $0.175 - $0.18, aiming for targets between $0.25 - $0.28, with a stop-loss at $0.165.
🔹Breakout Play: If $HBAR manages to reclaim $0.22, anticipate a significant rally targeting $0.25 - $0.28.
🛡️ Risk Management:
🔹 Capital Allocation: Aim to allocate only 2-5% of your capital per trade.
🔹Stop-Loss Discipline:Be ready to close positions if the price dips below $0.175.
🔹Market Influence: Keep an eye on Bitcoin's correlation for potential shifts in overall market sentiment.
💬 Do you see $HBAR bouncing back from this point, or is a further dip likely? Share your thoughts below!
📢 Follow @JohnRaiAli for expert trading insights and real-time updates!
⚠️ Always conduct your own research (DYOR) before making any trading decisions. Remember, market conditions can change swiftly.
🔹 Data source: Binance
