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Hedera’s (HBAR) price action from March 8 to March 15 showcased a market struggling to gain clear momentum, with bearish sentiment prevailing. The trading week opened with a downtrend channel, indicating weak buying pressure. Key support and resistance levels were set at $0.184 and $0.236, respectively, as traders navigated through the volatile price movements.
On March 8 at 04:00 UTC, a golden cross appeared, momentarily signaling an uptrend. However, bearish momentum quickly regained control, driving prices lower. This decline extended into March 9, when a death cross formed on the MACD line at 01:30 UTC, pushing HBAR to a weekly low of $0.198. By March 10 at 00:05 UTC, a golden cross reappeared on the MACD line, coinciding with an RSI oversold signal below 30, triggering a brief price surge to $0.216. Yet, by 13:00 UTC, another death cross signaled renewed selling pressure, causing HBAR to dip below the support level briefly.
HBAR Recovery and Market Consolidation
Following the temporary breakdown, HBAR staged a recovery after a golden cross emerged at 02:00 UTC on March 11. This move, supported by another RSI oversold signal, helped stabilize the market. Entering a new trading range, HBAR fluctuated between $0.187 and $0.207, reflecting a period of market indecision. Multiple failed breakout attempts underscored this consolidation phase, with significant price moves observed at 12:30 UTC on March 12 and 19:00 UTC on March 13. These movements reinforced the ongoing tug-of-war between bulls and bears.
HBAR Price Prediction: What’s Next?
The current consolidation suggests that HBAR’s next move will be pivotal. A decisive breakout above $0.207 could bolster bullish sentiment, potentially targeting the $0.236 resistance level. Conversely, a breakdown below $0.184 may lead to a sharper decline. Traders should closely monitor MACD and RSI indicators for confirmation of a breakout or breakdown. As uncertainty looms, HBAR remains in a crucial phase, with potential for significant price movement in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Hedera (HBAR) Price Prediction: 28% Surge by Mid-March 2025?
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