HBAR Is Close to Losing Its Only Bullish Setup Despite The Price Rise — Here’s Why
HBAR's recent price recovery is unconvincing as its only bullish setup, a cup-and-handle pattern, is weakening due to fading buyer momentum.Summary
Despite HBAR's recent 26% recovery from its November 21 low near $0.12, the bounce appears unconvincing because its sole short-term bullish setup, a cup-and-handle pattern on the 4-hour chart, is weakening. The breakout level for this pattern is $0.147, with activation near $0.158, but the Bull Bear Power (BBP) indicator shows declining strength, suggesting buyers are losing control.
Furthermore, the daily chart shows HBAR remains within a falling channel, and the Chaikin Money Flow (CMF) indicator remains below zero, indicating that "big money" is not supporting the bounce. This lack of institutional support suggests the current price action is merely a reaction, not a trend reversal.
For HBAR to sustain upward movement, it must first break the cup-and-handle resistance levels ($0.147 and $0.158), followed by daily resistance at $0.169 and $0.182. Failure to hold above $0.143 invalidates the bullish pattern, potentially leading to a drop toward the $0.122 support level.
(Source：BeInCrypto)