HBARUSDT . For a short positionLet's quickly dive into HBAR, a crypto marketplace and RWA with a market cap of $8.7 billion, ranked 19th in coin market cap. This analysis will be for the 4-hour timeframe, focusing on futures trading.
🔍 As observed, a range box has been formed between $0.21765 and $0.38402. In the latest downward leg, after being rejected from the top of the box, candles followed a descending trend line towards the bottom of the box.
🔑 In the corrective leg of this downward movement, the price managed to correct up to the 0.5 and 0.618 Fibonacci levels, which coincided with the area around $0.26688. Currently, the price has moved back towards the support at $0.21765 and tested this area again.
✨ The RSI oscillator has reset and exited the oversell zone. If it breaks below 30 again, we may see renewed downward momentum and panic enter the market. Currently, market volume favors sellers, with increased volume in downward legs and decreased volume during corrections.
🔼 if the price can break the trend line, we can expect it to reach the top of the box again. The breakout trigger from the trend line is at $0.26688, but there are two minor resistances at $0.29411 and $0.31856 before it can reach the top of the box, which could impede price increases.
🥸 A risky trigger for a long position is at $0.24593, which might activate before the trend breaks; thus, it's a risky trigger, and I recommend entering with very low risk. A break of 50 in the RSI would confirm the momentum for this position.
📉 For a short position, the trigger is very clear and favorable. If $0.21765 breaks, you can enter a short position targeting $0.16385.
