Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- HBAR has a bearish structure and showed downward momentum in the lower timeframe charts.
- The retest of the range lows likely provided a buying opportunity.
Hedera [HBAR] posted strong gains between 12 -14 September. Its rally measured 21.15% and took just over two days, but HBAR ran into a higher timeframe resistance zone at the $0.054 mark.
Read Hedera’s [HBAR] Price Prediction 2023-24
Hedera is also building toward becoming one of the top networks for stablecoin issuers, something that long-term investors would be keenly interested in. But in the short term, the prices have lacked a steady trend over the past two weeks.
The range lows were under attack once more
The 2-hour chart showed that Hedera has traded within a range (orange) that extended from $0.049-$0.052. At the time of writing, HBAR saw a bounce from the range lows, but its momentum and market structure were bearish.
The mid-range resistance at $0.0506 was a target for lower timeframe traders looking to long this bounce.
The CMF showed that there was no significant capital inflow to the Hedera market in the past few days-quite the opposite. The indicator has been below -0.05 for the majority of the past 48 hours, signaling strong sell pressure.
The $0.054-$0.057 region (red box) to the north was a bearish order block on the 12-hour chart. It has been in play since 29 August, and the mid-September rally faced a firm rejection from this resistance zone.
The uptick in spot demand for HBAR could be a sign of things to come
Author: Akashnath S
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