Sohrab Khawas
Following the sharp recovery from $0.040, the HBAR coin price resulted in a rising channel pattern. Reaching the height of $0.075, the overhead supply pressure led to a sharp negative turn within the channel, leading to a bearish breakout.
The breakdown rally falls to the $0.045 mark while making multiple bearish candles. During the correction phase, the HBAR coin price dropped by 30% within a month.
The downtrend decreased the chances of a golden crossover, leading to an increased bearish gap within the 50-day and 200-day EMA. The HBAR coin price currently finds a bullish reversal with a morning star at $0.045.
The HBAR coin price currently trades at $0.053175 with an intraday growth of 2.84%.
Will HBAR Price Escape The Channel?
In the 4-hour chart, the downtrend correction forms a bearish channel pattern. However, the recent bullish reversal displays a sharp rise to the overhead resistance trend line coinciding with the 200 EMA.
The increased bullish momentum projects a high possibility of a bullish breakout. However, the bearish candle forming with the 2.95% retracement increases the chances of a sideways trend before the actual bullish breakout.
Moreover, the recovery increases the chances of a golden crossover in the 4-hour chart. Moreover, the uptrend can reach $0.069, a 34% jump. However, if the prices fail to exceed the 200-day EMA, the downtrend will continue and retest the bottom support level. This will lead prices to $0.044, a 14% drop.
