How are you all my friends? I hope you are all doing well. How is your health and day going?
Given the current market situation, I thought I would share some of my personal observations with you today about Hedera (hbar). For the past few days, I have been doing a lot of research on HBAR's chart and market sentiment. I have come across some interesting things that we, as ordinary traders,s need to know. I thought I would explain the market to you exactly as I see it.
Is hbar ready to make a 30% jump? What does the chart actually say?
While analyzing the chart, I noticed that hbar is currently trading within a 'descending channel' or downward channel. To put it simply, the price is falling, but it is falling within a specific pattern or rule. In the language of technical analysis, this type of pattern usually indicates bullish or positive results.
My calculations say that if hbar breaks this channel and goes up, we can see a strong rally of about 30-31% from here. In that case, the price can run up to the $0.1252 level. But the story does not end here.
What are traders really thinking? (Funding rate warning)
When I was checking the futures market data or derivatives, I saw a slightly different picture. In the last 48 hours, hbar's 'funding rate' has been negative. In simple terms, this means that a large part of those trading in the market now are betting that the price will fall further (short positions). This fear or lack of confidence among traders is a major obstacle to an immediate recovery.
Relationship with Bitcoin: Friend or Foe?
Another thing that concerns me is the very close relationship between HBAR and Bitcoin. Statistics say that the correlation between the two is currently around 0.96. This means that wherever Bitcoin goes, HBAR will follow it. Since Bitcoin itself is currently in a weak or weak position, it is quite difficult for HBAR alone to make any big moves until Bitcoin stabilizes. The market is now dancing to Bitcoin's cues, and HBAR is no exception.
Important levels in my eyes
Now the question is, as a conscious investor, which points on the chart am I looking at?
Resistance (obstacle): The $0.0907 level is very important at the moment. The price has been pushed back from here a few times in the past. My strategy is that I am not turning bullish until HBAR breaks this $0.0907 level and stabilizes above it. If it can break, the next destination could be $0.1029.
Support (confidence): And if the bearish pressure or selling pressure continues to increase? Then I will look at the $0.0832 level. It is now acting as immediate support. God forbid, if this level is broken, the price may fall further, i.,e. towards $0.0710, which is not desirable for any of us.
Overall, the situation is this—the chart shows us hope for a big bounce back, but the market sentiment and Bitcoin's weakness are telling us to be a little cautious. I personally am on a "wait and watch" policy now. I will only gain confidence if the $0.0907 barrier is broken.
What do you think about HBAR? You can tell me in the comments. Trade carefully, because at the end of the day, the money is yours. Good luck to everyone!