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This article provides a technical analysis of HBAR and examines key indicators, such as the 200-day Moving Average, Parabolic SAR, and its current chart structure to provide insights into current market trends and potential future movements of the token.

Hedera Hashgraph is a distributed ledger technology (DLT) that aims to provide a secure and scalable platform for decentralized applications (dApps). The platform is governed by the Hedera Governing Council, which is made up of leading organizations across various industries.

One of the native tokens on the Hedera network is HBAR, which has been gaining popularity among traders and investors.

In this article, we will focus on the technical analysis of HBAR, specifically looking at longer time frames to gain insights into its market trends and potential future movements.

Disclaimer: The information and publications are not intended to be and do not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed by Blockzeit. You should consider seeking a financial advisor to check how the website information relates to your unique circumstances.

The 200-day moving average (MA) is a popular technical indicator used by traders to determine the overall trend of an asset. Currently, HBAR is hovering above the 200-day MA. The cryptocurrency went on an epic run in February of last month, topping at $0.09, and is now retesting the 200-day MA. This level is a critical support zone, and if HBAR breaks below it, it may indicate a bearish trend.

The Parabolic SAR is a trend-following indicator that can help traders identify potential reversals in an assets price movement. On the weekly chart, HBARs Parabolic SAR shows a steady uptrend for consecutive weeks since January of 2023. This is an excellent sign for the token, indicating that it has been attracting buyers.

The Parabolic SAR is one of my favorite indicators I would like to use as it spots trends and reversals. If the trend of HBAR breaks, the SAR indicator must print at least 2-3 consecutive dots above the candle to confirm a downward trend of the token. This can help traders avoid false signals and make informed decisions.

Using a line chart to avoid scam wicks, HBAR on a log chart is exhibiting characteristics of a textbook retest of a falling wedge. This pattern is a bullish sign, indicating that the cryptocurrency may be gearing up for a potential breakout. However, traders must keep an eye on the price action to confirm this trend.

HBARs technical outlook seems positive, with key indicators showing bullish signs. It is important to note that the cryptocurrency market is highly interconnected, and Bitcoins movements can have a significant impact on the entire market. If Bitcoin experiences a significant price movement in the next few weeks, altcoins including HBAR will follow suit. As such, traders must also keep a close eye on Bitcoins price action and market sentiment to make informed decisions regarding HBAR and other cryptocurrencies.

Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.

Originally posted here:

HBAR: Understanding The Cryptocurrency's Next Move - Blockzeit