As Bitcoin drops back under the psychological mark of $35K, the altcoins market takes a short pullback. Similar to other altcoins, the HBAR coin price also takes a hit and retests the 200-day EMA.
Regardless of the shortcomings, the overall upcycle sustains momentum with a 19% recovery in the last two weeks.
Taking a double bottom reversal from the $0.045 mark, the HBAR price trend showcases a positive trend within a symmetrical triangle. The recovery rally crosses above the 50-day EMA and the 200-day EMA to reach the $0.057 mark.
However, with a sudden reversal in the overall market, the HBAR prices struggle to sustain above the $0.057 mark. With higher price rejection and a 1.72% intraday fall, the HBAR coin trades at $0.054.
With a small hiccup disrupting the upcycle, the buyers are losing their footing and struggling to hold the fort at the 200-day EMA. In case the market fails to hold down the correction phase, the altcoins market can face a sharp pullback.
Technical indicator:
MACD indicator: The MACD and signal lines are on a rising trend but are losing the bullish gap due to the increased supply. Therefore, the momentum indicator shows a loss in trend momentum and teases a negative crossover.
EMAs: By crossing above the 200-day EMA, the HBAR price reached a milestone and increased the triangle breakout chances. However, the supply surpassing the average line warns of a deep correction.
Will HBAR Price Rise Above $0.050?
As the HBAR price overcomes the dynamic resistances, the chances are on the bullish side, sustaining the momentum. However, in resonance with the market-wide fall, the altcoin may soon experience a huge incoming supply pressure.
Currently, the price trend sustains above the 200-day EMA and might reach $0.065 to give a triangle breakout if it crosses $0.060.
On the flip side, if the prices fail to sustain above the 200-day EMA, the HBAR price may drop to $0.045.
