The following conclusions can be drawn from the HMSTR/USDT asset chart (4H):
General trends:
A downward movement is visible, which has been ongoing for the last few trading sessions. This is confirmed by the price being below key moving averages and the parabolic SAR dots above the price.
Ichimoku indicator:
The price is below the Ichimoku cloud, indicating strong bearish sentiment.
The cloud ahead (Kumo) also shows further downside potential as it is colored red and expanding.
Bollinger Bands (BB):
The price is approaching the lower boundary of the Bollinger Bands, which may indicate that the asset may be oversold. However, the downward trend continues, and there is no reversal signal yet.
Narrowing bands may signal consolidation or a lull before a new impulse.
Moving Averages (MA):
The price is below all major moving averages (7, 25, 99 periods), which confirms a strong downtrend.
MA(7) and MA(25) have bearish dynamics, which indicates further price decline in the short term.
Parabolic SAR:
SAR dots are located above the candles, which signals the continuation of the bearish trend.
Support and resistance levels:
The current support level is around 0.004069. A breakout of this level may lead to further price decline to the next significant support level around 0.003833.
Resistance levels are at 0.004582 and above at 0.005142. The upward movement may be limited by these levels.
Conclusion:
At the moment, the HMSTR/USDT asset is in a bearish phase with further risks of decline. It is worth paying attention to the price behavior near the support level of 0.004069. In case of a breakout of this level, a further decline is possible.
