Hey Guys..!!
Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.
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Alright, let's get straight into the discussion, Happy reading!!
Hedera (HBAR) Analysis
Today, November 19, 2023, I will try to technically analyze the price movement of Hedera.
If we look at the price movement of HBAR in general, we can see that HBAR is in a very deep bearish phase. We can see this in the HBAR price movement pattern in the chart above where the candlestick tends to move downwards if we look closely.
The chart above also shows that the current Bearish Trend in the HBAR/USD market will continue for the next few days because the HBAR price has broken the Support Level at $0.206.
This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.
But the ADX indicator gave another confirmation with the presence of a cross between the two DI lines where the DI- the line started to move below the DI+ line.
Not forget, the RSI indicator also shows that there is an oversold phase in the HBAR/USD market is over, this can be proven by the movement of the RSI line above the Lower Band which is the lower limit of the RSI indicator.
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