HERO Technical Analysis – February 2022
The price of Metahero (HERO) hit an all-time high of $0.26 in December of 2021. However, ever since that, the price has kept declining. While it can mainly be attributed to Bitcoin’s price decline, HERO has declined by around 80% so far. The price had corrective waves, but it failed to break key resistance structures in order for the trend to reverse.
In January alone, the price of HERO declined by 65%. HERO is currently in a downtrend, and the price could keep declining in the coming days when looking at the trendline of a 4-hour chart.
HERO recently found support at $0.047, where it managed to have a correction of more than 40%. Nonetheless, it stopped close to $0.07 twice, indicating that the selling pressure is quite high. HERO is currently retesting support at $0.046, and it may keep declining further down if the daily candlestick closes below this zone.
On a bullish note, the downward channel of HERO is a descending wedge, which could mean a potentially bullish breakout as the wedge gets narrower. Furthermore, the fear and greed index shows signs of fear, which is usually the case prior to a trend reversal.
Both the 20-MA and the 50-MA of a 4-hour chart are currently above the price of HERO, indicating that the trend is bearish and that the price of HERO could keep declining in the coming days/weeks.
The 9-EMA of a 4-hour chart is also above the current price of HERO, suggesting bearish tendencies in the short run as well. The EMA line has also acted as resistance to the price recently.
Relative Strength Index
The RSI of a 4-hour chart is currently below the 30-70 range, indicating that HERO is now oversold. This often leads to a correction of the price, which would see HERO have an increase in the coming days. Nonetheless, the RSI shows that HERO is bearish.
The MACD line of a 4-hour chart is currently below the signal line and below the baseline. This indicates that the momentum is bearish for HERO and that the price could keep declining in the short run. However, if the price is to have a correction as expected, then we could see the lines converging and eventually experiencing a momentum shift in the coming days.
The Fibonacci retracement levels of a 4-hour cart suggest that the price of HERO recently stopped at the 38.2% level. This usually indicates that the price could go further down. Instead, HERO found support at $0.046 and managed to go close to the level multiple times. Nonetheless, if HERO cannot find support at our projected level, then the price could be heading further down in the coming days.
Price Prediction HERO – February 2022
Based on this technical analysis on Metahero (HERO), the price of HERO could go below $0.03, and it may eventually drop below $0.02 in the coming weeks. However, if HERO finds support and BTC manages to stay above $35,000, then we could see HERO remain in the $0.04 – 0.07 zone.
Latest News for HERO – Affecting Price
The Metahero team has been giving more focus to its other metaverse-related project, the Eerdome. The Everdome presale ended recently, and it is set to officially launch on February 8th of 2022. Everdome has a lot of hype around it. Since Metahero and Everdome are directly related, the price of HERO could be positively affected once Everdome launches.
Mass adoption continues to be our motivation!✊
As Everdome ramps up for its official launch on February 8th many are taking notice.👀
— Everdome (@Everdome_io) February 1, 2022
Despite Everdome, the Metahero team is also working on upcoming features for both Metahero and Wolf Digital World, Metahero’s main partner. These updates include 600 cameras for Metahero scanning, a portable scanner, and a feature in the Cannes film festival, which is one of the biggest film festivals in the world. The latter could potentially bring many new investors for HERO tokens as the F1 racing feature did to HERO in December of 2021.
🔥 We promised some exciting news today…
600 new cameras (3x scanners) for Feb.
Server facility location
Metahero & @wdw_io at Cannes film festival
Full update 👉https://t.co/fJmnvj1N4K
— Metahero.io (@Metahero_io) January 21, 2022