In the charts above we are looking at Hedera Hashgraph (HBARUSD), we can see that price has been going parabolic lately and the most recent breakout was on March 4th.
On the left chart, we have the monthly chart of HBAR and we can see the month of March so far has been parabolic with a large range when you compare to previous months. It is important to note that with large range candles on any time frame, they are usually going to pullback soon after the close.
In the middle weekly chart we see last week’s huge rally and large range, hence the pulling back in this week’s candle. We also see the green sideways small range before the breakout in early January.
The right daily chart is showing that .40 resistance was hit the last 3 days. The 14thprice came up and hit .40 and pulled back closing below 36. The next day the 15thprice went over .45 but closed at .40 resistance. Today we can see the price just opens around .40 and then drops. We are now holding .35 support.
I see more downside in the short-term here as the price has been going parabolic and it is rare for just a one-day pullback and then a continuation of the parabolic uptrend. Of course, anything is possible for a hyped coin, but I would want to see a strong break above .40 resistance to confirm.