HBAR: Approaching Support
Trade setup: Price broke below $0.10 support and 200-day moving average, which signaled resumption of downtrend. Price got oversold (RSI < 30) as it reached $0.07 support and bounced up. However, it needs to break back above 200-day MA to signal resumption of Uptrend. Previously, price got a boost from news that BlackRock will leverage Hedera Blockchain to tokenize its money market fund.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.07. Nearest Resistance Zone is $0.124, then $0.14.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.07. Nearest Resistance Zone is $0.124, then $0.14.
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