[ad_1]
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.
- The odds of a HBAR pullback are strong.
- This doesn’t mean shorting assets is a viable idea.
Hedera faced a 93.8% drawdown from a peak of $0.576 in November 2021 to a low of $0.0356 in December 2022. Since hitting this low, the price has found steady demand. The last six weeks of rally have coincided with Bitcoin’s rise, which has provided capital and hope to the altcoin market.
Is your portfolio green? Check Hedera’s Profit Calculator
It’s not clear how high the HBAR can go. $0.1 and $0.12 are levels to watch in the coming days. However, HBAR bulls could wait for a pullback to territory of interest instead of succumbing to FOMO.
Inefficiency to fill HBAR after three green days
Source: HBAR/USDT on TradingView
On the daily time frame, it can be seen that HBAR left some inefficiencies in its run over the past two months. While the smaller imbalances were not filled, the clear and large ones did witness their recent retracement.
This FVG extended from $0.062-$0.069. This area also served as resistance from September to early November 2022. In the last two months, the price broke the market structure to become bullish when it surged above $0.05 on January 14th.
What are the values of 1, 10, and 100 HBAR?
Price faced rejection at $0.07, retracing to fill the gap at $0.062. After two weeks of consolidation around $0.067, the bulls beat the sellers.
At time of writing, HBAR is trading at $0.094. But the recent strong move has left FVG similar at $0.08. Hence, a retracement to this region is one that the bulls can look forward to. The daily RSI started to form a bearish divergence with the price. However, the OBV remains in a sharp uptrend,
Bears look to fade the rally but demand remains strong
Source: Coinalyze
On the 1-hour chart, the price and Open Interest are in a strong uptrend. Spot CVD also rose sharply to the upside. Together they signal strong capital inflows into the market and underscore the bullish strength.
The expected funding rate has dipped into negative territory several times over the past few days. At the same time, short positions saw the most liquidation. This therefore suggests that market participants did try to dampen the rally but were penalized.
As it happens, it is dangerous to short the HBAR, unless it is an intraday scalp trade. The higher time frame structure remains bullish. A drop below $0.08 and $0.06 would reverse the structure to bearish.
[ad_2]
Source link
