Hedera Hashgraph Prediction: Uptrend shows reasonable doubt

Hedera Hasgraph price is up 137% since January 1.
HBAR could be setting up a decline toward the $0.05 region.
Invalidation of the bearish thesis would come from a daily candlestick close above the $0.098 high.

Hedera Hashgraph price is up by 3% on the days but the uptrend shows reasons to be concerned. Technical analysis is being utilized to forecast HBAR's next potential move.

Hedera Hashgraph price is questionable

Hedera Hashgraph price is up 3 percent on the day support are being tested once again near the 8-day exponential moving average (EMA). The indicator has provided aid to HBAR's 137% rally since January 1 on several occasions. Hence, traders are skeptical, wondering how long the indicators' durability will last.

Hedera Hashgraph price currently auctions at 0.086. While the trend seems undoubtedly bullish, A conservative trade per-trade basis should be taken in the coming days as HBAR faces strong resistance in the $10 cents region.

The Relative Strength Index compounds the need for caution as several bearish divergences are showing During the winter rally. Additionally, the newly marked swing point at $0.091 Shows an M pattern on the rsi. According to classical technical analysis, the M pattern on the RSI is an immediate sell signal.

Considering these factors, pullback within the current uptrend stands a fair chance of occurring.
A Fibonacci retracement tool surrounding the winter rally shows a strong confluence zone between the $0.052 and $0.59 area. A decline toward these levels would result in a max reduction of 40% from HBAR's current market value.

HBAR/USDT 1-Day Chart

If the RSI is correct, then the HBAR price should not be able to produce a candlestick close above the YTD swing high at $0.098. If the bulls produce a daily candlestick above the barrier, the uptrend will likely continue targeting liquidity levels as high as $0.12 cents in the short term. The Hedera Hashgraph price would rally 40% if the bulls were to succeed.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.