Bitcoin maintains its position above the $28,500 mark, displaying minimal volatility in its chart. Let’s explore the market dynamics of cryptocurrencies Hedera (HBAR) and Filecoin (FIL) as of Thursday, October 19.
Hedera (HBAR)
Both local and global trends on the HBAR chart indicate a bearish sentiment. Currently, the asset is trading sideways within a support range of $0.045-$0.046 and a resistance zone of $0.0480-$0.0491. Hedera's correlation with BTC is notably high, signifying that the HBAR future movement is heavily reliant on Bitcoin's performance.
In the event of a downward trend and a breach of the current range by sellers, HBAR may plummet to new lows, with support levels at $0.044 and $0.043. These particular levels were established during the asset's decline in July.
To pivot to an ascendant trend, buyers would need to break past the immediate resistance, surpass the $0.0497 hurdle, and navigate through the dense seller terrain of $0.0512-$0.0524. This particular zone has been challenged six times since the 12th of September; hence, consistently staying above it would underscore the resolve and momentum of the buyers.
HBAR chart on the H4 timeframe
Filecoin (FIL)
The FIL chart has been exhibiting a horizontal trend without a clear direction since mid-August 2023. Notably, the asset is navigating within two simultaneous trading ranges: the broader one is bounded by support levels from $2.95 to $3.05 and resistance zones from $3.50 to $3.62. The narrower range is marked by a support at $3.11 and a resistance at $3.44.
If Bitcoin continues to drop, FIL could potentially retest the lower limits of these trading bands, and might even approach local lows situated at $2.81 and $2.70. Still, a sustained aggressive downtrend seems improbable at the moment.
If Filecoin breaks through all these delineated barriers, the next resistance to watch would be at $3.75. It's premature to detail resistance levels beyond this point, as they are substantially higher than the current trading price of the asset.
FIL chart on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
