HBAR on the Edge: Key Levels You Can't Miss!
Updated
HBAR has been range-bound for over 40 days, trading between $0.3922 and $0.2341, following a rejection from the golden pocket zone. Let’s dive into the key resistance and support zones to identify potential trade setups.
Support Zone Analysis
Taking the entire bullish run from November, we observe the 0.5 Fibonacci Retracement at $0.2169, which aligns perfectly with the anchored VWAP from the November lows, providing a strong support confluence. Adding to this, the negative Fibonacci extension of the current downside wave places the -0.666 Fibonacci level at $0.21778, further reinforcing this zone.
Additionally, the lows around this area contain significant liquidity, likely targeting long-leverage positions, which increases the conviction for this support zone. The monthly level at $0.2217 also aligns with this area, making $0.217-$0.222 a highly reliable support zone for potential trade setups.
Resistance Zone Analysis
HBAR has recently broken below the yearly open level at $0.269, which now acts as a resistance.
For those who missed the previous short entry, price action near $0.269 presents another opportunity for a short trade if price rises to this level, confirming its resistance.
Chart Pattern & Volume Analysis
The structure shows an inverted cup and handle pattern. Volume has been in steady decline throughout this trading range, indicating a pause in bullish momentum.
Trade Setups
Short Trade
Long Trade
Support Zone Analysis
Taking the entire bullish run from November, we observe the 0.5 Fibonacci Retracement at $0.2169, which aligns perfectly with the anchored VWAP from the November lows, providing a strong support confluence. Adding to this, the negative Fibonacci extension of the current downside wave places the -0.666 Fibonacci level at $0.21778, further reinforcing this zone.
Additionally, the lows around this area contain significant liquidity, likely targeting long-leverage positions, which increases the conviction for this support zone. The monthly level at $0.2217 also aligns with this area, making $0.217-$0.222 a highly reliable support zone for potential trade setups.
Resistance Zone Analysis
HBAR has recently broken below the yearly open level at $0.269, which now acts as a resistance.
For those who missed the previous short entry, price action near $0.269 presents another opportunity for a short trade if price rises to this level, confirming its resistance.
Chart Pattern & Volume Analysis
The structure shows an inverted cup and handle pattern. Volume has been in steady decline throughout this trading range, indicating a pause in bullish momentum.
Trade Setups
Short Trade
- Entry: Around $0.269 (yearly open and key resistance zone)
- Stop-Loss: Above $0.285
- Target: Support zone at $0.217-$0.222
Long Trade
- Entry: Around $0.217-$0.222
- Stop-Loss: Below $0.210.
- Target: Retest of the previous lows at $0.235
- R:R: 2:1, making it a decent trade.
Trade closed: stop reached
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