Hedera Hashgraph price poised for break above $0.08 as bulls have wind in their sails

Hedera Hashgraph price takes a breather after a bullish return last week.
HBAR continues consolidation and is gearing up for a breakout soon.
Expect a bullish stretch toward $0.08, making new highs for April.

Hedera Hashgraph (HBAR) price is in a consolidation phase for yet another week as both bears and bulls are being pushed toward each other. Since the violent bullish breakout at the end of March, lower highs and higher lows have been formed in the past weeks. Expect to see a short fade at the beginning of the week with rather a bullish tone near the end, as $0.08 is poised to be tested by then in a bullish overtake of the price action in HBAR.

Hedera Hashgraph will see this consolidation spiral into a bullish outcome

Hedera Hashgraph price is taking a small step back this Monday in the ASIA PAC session at the start of this week after bulls printed a near 8% gain last week. Seeing the bullish sentiment over the weekend, the profit-taking this Monday is no issue at all to close this week with a big bang still. As the consolidation comes to an end, a bullish breakout is the best possible outcome next.

HBAR will break above the high of last week and the week before and set sail toward $0.08, which is just slightly above the high of March. That performance will translate itself into an 18% gain for bulls that are currently buying the dip. With the monthly pivot and the 55-day Simple Moving Average (SMA) underpinning the price action, even a leg higher near $0.085 could be possible if more bulls get the chance to enjoy the rally.

HBAR/USD Weekly chart

A small risk to the downside is present with the lower end of the candle from last week’s performance. The wick of the candle there broke below the low of the week before and could be pointing to a downtrend instead of a consolidation. Look for confirmation of that when HBAR starts to drop below $0.063. When that happens, expect more downside to come with a possible break below $0.060 toward $0.050.

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.