The post Hedera (HBAR) Analysis: Faces An Upward Channel Pattern Breakout appeared first on Coinpedia Fintech News
Hedera (HBAR), the enterprise blockchain network entered this week with a 100% surge to $1.810 on May 2, a 2-year high. Driven by the anticipatory news of Blackrocks involvement in Hedera, which was later clarified to be false.
This revelation led the price to correct back to a low of $0.095 causing massive sell-offs and slashed trading volume.
The charts of HBAR speak for a short bearish trend with a possible reversal to $0;18.
HABR/USDT 4-hour chart formed an Upward Channel pattern followed by a potential breakout from $0.12 to the current $0.106 with a 24-hour drop of 3.7%,. After rejecting the $0.12 resistance the price dips created a downturn to break cruical support $0.114. The bear rally continues with a lower support level near 200 SMA of $0.08.
Is the Reversal Possible?
Though there is a downtrend across all time horizons, we also see the MACD
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