Hedera Hashgraph price flirts with 10% drop on Friday

Hedera Hashgraph price forfeits on important technical moving average.
HBAR flirts with the break of an important trendline from March.
The first substantial support is only 10% lower than the current levels.

Hedera Hashgraph (HBAR) price has seen sentiment changing overnight on Wednesday with a sharp drop in price valuation. Since then, bulls have not been able to claw back ground from bears in an attempt to pare back any losses. With only a small bounce off current support, bearish pressure does not look to be easing and a leg lower for HBAR looks inevitable with price set to reside near $0.054.

Hedera Hashgraph price to crack under pressure

Hedera Hashgraph price was primed to rocket higher at the beginning of the week after only some small fades were recognized in its behavior on Monday. Instead, those fades have stepped up their pace with an acceleration on Wednesday. HBAR and several other altcoins like Sushiswap are bearing a similar pattern with more than a 10% loss since Wednesday.

HBAR sees bulls only showing small signs of presence with the bounce off the green ascending trendline this Friday. The bounce is so minor that a breakdown is nearly inevitable and will see HBAR tank further. Expect the next support to come from the lower end of the trend channel near $0.054.

HBAR/USD 4H-chart

For now the ascending trendline still holds and the bounce can still pick up gains because the Relative Strength Index (RSI) is primed to move away from the oversold region. In that case, the 55-day Simple Moving Average (SMA) near $0.064 becomes crucial to see how strong this recovery can become. When bulls can break above it, the road to $0.074 is wide open with a 20% gain on top and even pushing the RSI into overbought territory.

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.

Join Telegram