This time on the weekly time frame chart, the priceline of Hedera Hashgraph has formed a very big pattern and we will discuss this pattern later in this article. Previously when the price action of HBAR formed a on the 12-hour time frame then it surged more than 100% but this time it has formed on the weekly time frame.
SMAs and levels:
On the daily time frame it can be also observed that the price action of Hedera Hashgraph is moving under the simple moving averages with the time period of 25, 50, 100 and 200. Therefore, there are a lot of resistance levels of the simple moving averages to be broken out. At the same time the price action is at a very strong key level support of 16 cents. Once the price action will be able to break out all the simple moving averages then it can reach to the final resistance that is 40 cents.
Previous and new down channels:
Previously the price action of HBAR coin was moving in a . On 19 May 2021 the price action turned strong and formed another within the previous channel. This time the price action of HBAR cryptocurrency has found a resistance which is at the centre of the previous channel. After 19th May 20201 the priceline of Hedera Hashgraph is not able to break out this resistance of the new channel. At the moment the price line is trying to break out the resistance of the new .
Sell between: $0.2480 to $0.3836
The maximum extent of the buying zone $0.1198 can be used as stop loss. As per the above targets, this trade has a profit possibility of up to 220%, and the loss possibility is 38%, however, in order to minimize the loss,I would suggest using 50 as stop loss.
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