HBAR, OP, INJ, and RUNE Flash Bull Signals as Bitcoin Price Seeks Stability
Bitcoin’s recent 11% drop has left trader sentiment bearish, with many analysts predicting a further decline to the $20,000 level. However, amidst the overall market weakness, there are a few altcoins that have shown strength and resilience. In this article, we will analyze the charts of HBAR, OP, INJ, and RUNE, the top-five cryptocurrencies that have the potential to buck the negative trend and remain positive in the coming days.
Bitcoin Price Analysis
Bitcoin has been trading in a range between $24,800 and $31,000. After failing to sustain above the resistance level, the price has fallen to the lower end of the range. The relative strength index (RSI) has entered the oversold territory, indicating a potential recovery. If the price bounces back, it could reach the 20-day exponential moving average at around $28,309. However, if the bears take control, the price may drop to the crucial support level of $24,800, and if that is breached, a further decline to $20,000 is possible.
The four-hour chart also indicates bearish control, with both moving averages sloping down. If the price turns down from the 20-day EMA, the support zone between $25,166 and $24,800 will be tested. Conversely, a break above the 20-day EMA could signal a weakening bearish grip, leading to a potential rally to the 50% Fibonacci retracement level at $27,200, and then to the 61.8% retracement level at $27,680.
Hedera Price Analysis
Hedera (HBAR) has encountered resistance at $0.078, revealing bearish activity at higher levels. However, the buyers have consistently supported the price at the 50-day SMA ($0.054), indicating an advantage for the bulls. Both moving averages are sloping up, and the RSI is in the positive zone, indicating the dominance of buyers. The bulls will attempt to break above the $0.078 resistance and potentially push the price to $0.093 and eventually $0.099. On the other hand, a downside break below the 20-day EMA could signify continued bearish selling, with potential support levels at the uptrend line, $0.045, and $0.040.
The recovery in HBAR is facing resistance near the $0.070 level, indicating the persistence of selling pressure from the bears. However, if the price turns up and breaks above the 50-day SMA, it will indicate a bullish rally towards $0.075. Conversely, a break below the moving averages would open the gates for a decline to the uptrend line, which is a critical support level for the bulls.
Optimism Price Analysis
Optimism (OP) has found support at the uptrend line after breaking below the moving averages. This suggests demand at lower levels. If the price remains above the uptrend line, it will increase the likelihood of a rally above the 20-day EMA. In this scenario, the OP/USDT pair could rise to the overhead resistance at $1.88. However, a downside break below the uptrend line might indicate bearish control and result in a decline to $1.21 and $1.09.
In the four-hour chart, the recovery is facing resistance at the 50-day SMA. If the price closes below the 20-day EMA, it could fall to the uptrend line, potentially initiating a deeper fall. Conversely, if the price turns up and breaks above the 50-day SMA, it will indicate a relief rally towards $1.61 and potentially $1.71.
Injective Price Analysis
Injective (INJ) has formed a bullish ascending triangle pattern, indicating a slight advantage for the buyers. After falling below the uptrend line, the long tail on the candlestick shows strong buying at lower levels. The bulls have managed to push the price above the 20-day EMA and are attempting to hold it as support. A break above the 50-day SMA would signal bullish control and pave the way for a potential rally to $10. However, a downside break below the uptrend line might lead to a slump to $5.40.
The strong bounce off the uptrend line in the four-hour chart indicates strong support from the bulls. If the price turns down from the current level or resistance at $8.33 but rebounds off the 20-day EMA, it will indicate continued buying on dips. That would increase the chances of a break above $8.33, potentially leading to a rally to $8.83 and $9.50. On the other hand, a break and close below the 50-day SMA would indicate weakness and potentially sink the pair to $6.50.
THORChain Price Analysis
Despite the overall market pressure, THORChain (RUNE) has shown an uptrend in recent days. However, the price is facing selling pressure at the overhead resistance level of $2. The RSI is deeply overbought, suggesting a possible consolidation or minor correction. If the price maintains a strong position, it could break above $2 and potentially rally towards $2.30 and $2.60. However, a dip below $1.41 would indicate a deeper correction, with potential support at the 20-day EMA of $1.33.
In the four-hour chart, both moving averages are sloping up, and the RSI is in the overbought territory, suggesting bullish dominance. If the price sustains above $1.80, a retest of the critical resistance at $2 is possible. However, a break below $1.80 could lead to a drop to the 20-day EMA. A strong bounce off this level would indicate positive sentiment and increase the chances of a rally to $2. Conversely, a break below the 20-day EMA would signal selling pressure and potentially sink the pair to the 50-day SMA and $1.38.
This article does not contain investment advice. Readers should conduct their own research before making any investment or trading decisions.
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