Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- HBAR was unable to exceed the resistance zone at $0.0520.
- The Open Interest has declined apart from a spike on 15 September.
Hedera [HBAR] recovery was blocked at $0.0520, setting the altcoin into a narrow short-range formation. So far, short-sellers have been targeting the $0.0520 resistance zone for re-entries. At the time of writing, Bitcoin [BTC] was below $27k, and a subsequent crack of $26.4k support could tip sellers to extend gains.
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Can sellers benefit from $0.0520 again?
Despite reversing September losses, HBAR had not clawed back part of the August losses at press time. The recent recovery was blocked at the $0.052 – $0.53 resistance zone (cyan).
The resistance zone was a daily bullish order block but was invalidated after the extended drop in August. Since 15 September, HBAR’s price action has faced several price rejections at the roadblock.
With a possible extension of BTC reversal to the range-low, HBAR could witness another price rejection at roadblock. If so, the roadblock could be a short re-entry position with take-profit targets at $0.050 or $0.0490.
A move beyond $0.0525 will invalidate the short set-up. In such a case, a convincing candlestick session close above the $0.052 – $0.53 resistance zone could set HBAR for $0.0560 or $0.060 levels.
Meanwhile, the Re
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Author: Benjamin Njiri
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