Journalist
Posted:
- HEGE can retrace towards $0.02 because of the bearish momentum divergence on the decrease timeframes
- The dearth of a powerful OBV motion meant demand was weak
Hege [HEGE] had a powerful bullish development over the previous week. Because the nineteenth of November, the memecoin was up by 234% till press time. Technical evaluation instructed {that a} worth dip towards $0.02 was brewing.
Hege rallies previous psychological $0.025
Supply: HEGE/USDT on TradingView
The day by day chart confirmed {that a} sturdy bullish construction has taken maintain. The primary signal of a development change got here on the nineteenth of November, when Hege examined the $0.0107 resistance zone.
This resistance had been in play for the reason that twenty seventh of October.
The buying and selling quantity has slowly picked up steam over the previous three weeks. It has been above the 20-period shifting common for nearly everything of November.
But, the OBV confirmed that it was barely in a position to climb previous a neighborhood excessive.
Like the worth, the OBV had additionally been in a downtrend since September. However not like the worth, the OBV was unable to determine a transparent uptrend.
This was worrisome as a result of it confirmed that the exceptional good points that HEGE posted just lately weren’t backed by real demand.
Sensible or not, right here’s HEGE’s market cap in BTC’s phrases
The day by day RSI was at 86 to indicate sturdy bullish momentum. A bearish divergence has not but appeared on this timeframe. The decrease timeframes such because the 4-hour have developed a bearish divergence.
The subsequent assist degree was the 50% Fibonacci retracement degree at $0.0187. The $0.0208-$0.0236 area was additionally a short-term demand zone.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
