The altcoin market experienced a brief pullback as Bitcoin retreated below the psychological barrier of $35,000. Like other altcoins, HBAR The coin price was also affected by this situation and tested the 200-day EMA. Despite its shortcomings, the overall upward trend continues with a 19% recovery in the last two weeks.
Koinfinans.com As we reported, HBAR price is trending positively within a symmetrical triangle, initiating a reversal with a double bottom starting at $0.045. This recovery rally extended above the 50-days EMA and the 200-days EMA to reach the $0.057 level. However, its price is struggling to stay above $0.057 as the overall market reverses. It is trading at $0.054 with higher price rejection and an intraday decline of 1.72%.
With a minor disruption breaking the uptrend, buyers are losing ground and struggling to find resistance at the 200-day EMA. If the market fails to sustain the correction phase, the altcoin market may experience a sharp pullback.
MACD indicator: Although the MACD and signal lines are in an upward trend, they are losing the bullish difference due to increasing supply. Therefore, the momentum indicator indicates a loss of trend momentum and could be a sign of a negative crossover.
EMAs: HBAR price reached a milestone point by moving above the 200-day EMA, increasing the possibilities of a breakout of the triangle. However, supply exceeding the average line indicates a deep correction.
As the HBAR price overcomes the dynamic resistances, it is possible to state that the chances are on the bullish side and the momentum is in the upward direction. However, in line with the overall market decline, altcoin It may soon face major inbound supply pressure.
Currently, the price trend is sustained above the 200-day EMA and it could yield a breakout of the triangle if it surpasses $0.060. On the other hand, if the price fails to sustain above the 200-day EMA, HBAR price could decline to the $0.045 level.