Hege [HEGE] witnessed significant bullish momentum in the previous week. From November 19th onwards, the cryptocurrency saw a remarkable surge of 234% by the current period. Technical analysis indicators hinted at a potential price correction towards the $0.02 mark.
Hege Surpasses Key Psychological Level at $0.025
Examining the daily chart revealed a robust uptrend in place. The initial signal of a trend reversal emerged on November 19th when Hege challenged the resistance barrier at $0.0107.
This resistance level had been established since October 27th.
Trading volume gradually increased over the last three weeks, consistently remaining above the 20-period moving average for most of November.
However, the On-Balance Volume (OBV) indicator struggled to surpass a previous local peak.
Unlike the price action, the OBV had been in a descending trend since September, failing to show a clear upward pattern.
This raised concerns about the sustainability of the recent HEGE price surge, suggesting it may not be supported by substantial demand.
The daily Relative Strength Index (RSI) stood at 86, signaling a strong bullish momentum. Notably, no bearish divergence had materialized in this timeframe. Nonetheless, lower timeframes like the 4-hour chart displayed a bearish divergence.
The immediate support awaited at the 50% Fibonacci retracement level of $0.0187, with the $0.0208-$0.0236 range serving as a short-term demand area.
Disclaimer: The views expressed in this article are solely the author’s and do not constitute financial advice, trading recommendations, or investment suggestions.