Hedra Coin Price Analysis: Hedra Coin price has been trading in a small range, will this give a breakout?
- The price of Hedra coins has been trending lower for the past few weeks and has recently started consolidating leading to the formation of a range.
- The price of the coins is trading in a small range while forming higher and lower formations.
- The HEDRA/BTC pair is trading at a price of 0.000003570 with a decline of -3.49% in the last 24 hours of trading.
Hedra coin price, according to the price action, is hovering around the supply zone. Despite the recent uptrend in the overall cryptocurrency market, the coin price has yet to break above the small range. Right now, the coin price has again been rejected out of the supply zone as it was forming a strong bearish candlestick pattern. Bears are present in the supply area. Right now, the coin price is trading in the upper band of the Bollinger Band indicator after bouncing off the demand zone. Coin price is still in a downward trend on a weekly time frame. The price of coins gave a breakout of 14 SMA. For now, it is resting at the 14 SMA. Currently, the coin price is trading below the 50 and 100 MA. The upward movement of the club price may face rejection at the moving averages. Volumes increased, leading to increased volatility. Therefore, investors should remain cautious and wait for a clear breakout.
Hedra coin price forms an inverted head and shoulders on the daily timeframe
Relative Strength Index: The RSI curve is trading at a price of 52.59 as the coin approaches the supply zone. Right now, the RSI curve has crossed the 20 SMA. The coin is forming a higher and lower formation over a 4-hour timeframe, as the coin is showing a bullish trend in the higher timeframe. HEDRA coin price can be seen moving as it exits the flag and mast and the RSI curve increases.
Moving average convergence divergence: The MACD indicator gave a positive cross as the coin gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This led to a sharp rise in the price of coins over a 4-hour period. Recently, HEDRA Coin price dropped after a small resistance broke. Once the coin price starts rising again after breaking the supply zone, the gap between the blue and orange lines can be seen to widen to support the trend.
Average Directional Movement Index: The ADX continued to rise as the coin price broke through an important $0.06500 supply zone. Right now, the coin price is trading above this important demand zone. The breakout zone now acts as a high demand zone. Right now, the coin price is trading at $0.0717. The ADX curve is out of the 20 mark.
CONCLUSION: HEDRA coin price is in an uptrend over a shorter time frame. While over a longer timeframe, the coin consolidates in a small range. Technical parameters are bullish. It remains to be seen if the price of the coins will break out of the range to the upside or downside.
SUPPORT: $0.060 and $0.06257
RESISTANCE: $0.080 and $0.083