As early as 5 weeks of trading on the HBAR market, the price is in consolidation. Buyers are trying to confidently fix above the range of $0.328-$0.36. On the weekly chart, we see that the price below this range provoked a global correction of the HBAR market by 60% in March 2021. Therefore, control over the range of $0.328-$0.36 will determine the future fate of the HBAR market. At the moment, we see that the price is in a spicy place, trying to touch the trend line of buyers from July 2021. Loss of control over this trend line will increase the scale of the tragedy in the HBAR market and lower the price to $0.211 very sharply.
Given the fact that the entire altcoin market is steadily falling on the frantic Bitcoin growth, it’s scary to imagine what will happen when Bitcoin begins its correction. Therefore, it is impossible to rule out a negative scenario of HBAR price falling to $0.211. To continue the growth trend without deep correction, buyers need to keep the price in the current consolidation for as long as possible. Such a thing will talk about the gaining of buyers’ positions and control of the situation. The loss of the $0.328-$0.36 range may delay buyers from continuing the growth trend for a long time. This trading week has passed in the attempt of sellers to destroy the chances of success for buyers. So to take risks and invest in HBAR is quite risky now.
Technical Analysis of HBAR in the Daily Timeframe
Analyzing the movement of prices in the daily timeframe, we can see that trading volumes have decreased significantly since mid-September. The price went into deep consolidation and volatility decreased. The new attempt of buyers to restore the growth wave from 29 September looked rather sluggish. However, so far sellers have not been able to update the previous local low.
At the moment, HBAR market participants are playing the game “whoever throws the ball easier wins.” Such a game usually ends with a strong release of volumes and the beginning of vector movement. Therefore, if you are not a professional in this game, it is better to sit on the podium. Given the fact that the trend line of buyers from 20 July is under their control, we assume a local reversal of the market and a test of $0.6 before the end of October.
But, the main condition for this scenario is the maintenance of the trend line of buyers. In addition, the success of a positive scenario requires that the aggressive rebound begin immediately after the test of the trend line of buyers. Otherwise, it will look like the last protection barrier against the surrender of buyers.
HBARBTC Price Completes Its Correction
The situation on the HBARBTC market looks rather good and proportionate. The chart shows that sellers are completing the correction of the growth impulse. At the moment, the price has reached the liquidity zone, which did not release buyers for 100 days. A large number of interested buyers remain in this liquidity zone, which will not allow the HBAR market to fall easily. In the event of a global correction in the cryptocurrency market, the range 0.0000045-0.0000052 is critical. Keeping this range, buyers will secure a ticket to life for the next six months. Therefore, it is now expected to clarify the situation in the BTC market and complete the HBAR correction for a new wave of investment in it.
#Needed #Continue #Market #Growth