The three-hour chart showed a bullish HBAR with an RSI of 59. The RSI had retreated from the overbought zone and rested on the 60 mark. It shows buying pressure declined slightly.
Historical RSI patterns showed rejection at the 60 or 50 levels. Therefore, the RSI could bounce back from 60 or an equilibrium level of 50, initiating a recovery. It could set HBAR to retest or break above the $0.0732 level and target the overhead resistance at $0.0810. However, a break below $0.0689 would invalidate the above bullish bias. The downtrend could be checked by the 26-period EMA or the $0.0638 support level.Therefore, investors should watch for RSI and On Balance Volume . An RSI rejection at the 60 or 50 levels will denote a potential recovery. However, an OBV drop below the $5.54B level will undermine any uptrend momentum due to limited trading volumes.
The investors’ confidence could also be partly attributed to HBAR’s impressive development activity growth. However, the development activity was stagnant at press time. Although the stagnation could affect the HBAR’s sentiment and price, BTC price action significantly impacts the asset’s performance. Therefore, investors should track BTC to gauge HBAR’s possible trend direction.Subscribe to get it daily in your inbox.
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