Hedera Hashgraph (HBAR) has been experiencing a downtrend in its price over the past three weeks, with the bears in control and the cryptocurrency losing momentum. It has also broken below key moving averages, indicating weakness in the market.
However, there is a possibility of a rebound as the crypto is currently oversold and trading near crucial support levels. If buyers become active and a bullish candle is formed, it could indicate a potential upward trend.
On the technical side, Hedera Hashgraph price is trading below the 20-day and 50-day EMAs, confirming the downtrend. The MACD indicator has generated a negative crossover and the histogram is also showing bearishness. The RSI is near the oversold territory, indicating weakness but also suggesting a potential for a reversal.
It is important to note that these technical analysis indicators are not guarantees, and the crypto market is highly volatile. Investors should conduct their own research and analysis before making any financial decisions.
The support levels for HBAR are at $0.08791 and $0.09940, while the resistance levels are at $0.121 and $0.1345.
Please note that this article is for informational purposes only and does not provide any financial advice. Investing in or trading cryptocurrencies carries a risk of financial loss, and individuals should exercise caution.