What is next move?👇
According to technical analysis;
The HBAR/USDT chart show indicates strong bullish momentum, with the price sitting at $0.37288, a massive 54.61% daily gain. Here’s an in-depth technical analysis and a trading plan:
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Technical Analysis
1. Price Action
The chart shows a parabolic move with a steep rise in price, which suggests strong buying pressure.
The price has moved significantly away from recent consolidation zones, creating a potential overextension.
2. Support and Resistance Levels
Support Zones:
$0.28-$0.30: A key demand zone (highlighted in red on the chart) where prior consolidation occurred.
$0.23-$0.25: Strong support at lower levels from previous rejections.
Resistance Zones:
$0.40-$0.42: Next psychological and technical resistance level where profit-taking may occur.
3. RSI and Momentum
The RSI is likely overbought (70+), signaling that the asset is overextended and due for a pullback or consolidation.
The momentum, however, remains strong, as evident from the volume spike.
4. Volume
A significant rise in volume supports the rally, but watch for declining volume as a sign of exhaustion.
5. Chart Pattern
The "W" pattern drawn on the chart suggests a possible double-bottom formation leading to higher highs if confirmed. Alternatively, the pattern may signify a pullback before another move up.
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Next Move (1-Day Prediction)
Scenario 1: Continuation (High Probability)
If momentum sustains, the price could push toward $0.40-$0.42. This would require strong buying volume and no significant market-wide pullback.
Scenario 2: Healthy Pullback (Moderate Probability)
A retracement to $0.28-$0.30 is possible as the price cools off and traders book profits. This zone could serve as a re-entry point for buyers.
Scenario 3: Sharp Correction (Low Probability)
A drop to $0.23-$0.25 may occur if whales start offloading or if market sentiment weakens.
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Trading Plan
1. DCA Strategy (Long-Term)
Buy Zones:
$0.28-$0.30: First accumulation zone.
$0.23-$0.25: Ideal deep retracement zone for DCA.
2. Long Trade Setup
Entry: Above $0.38 on a breakout with volume confirmation, targeting $0.40-$0.42.
Stop Loss: Below $0.36 to manage risk.
3. Short Trade Setup (High Risk)
Entry: Near $0.40 resistance if rejection occurs with bearish confirmation.
Target: $0.30-$0.28.
Stop Loss: $0.42.
4. Risk Management
Avoid over-leveraging as the asset is highly volatile.
Monitor Bitcoin and the broader market for sentiment shifts.
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Summary
HBAR is in a strong uptrend, and while the next target could be $0.40-$0.42, traders should remain cautious of potential pullbacks. Smart entries around $0.28-$0.30 with disciplined stop-loss placement can ensure risk management while capitalizing on this rally.
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