Aaryamann Shrivastava
FXStreet
- Hedera Hashgraph price has managed to register a 50% increase in value year-to-date.
- Support from the buyers is necessary to generate another 16% rally and reclaim $0.063.
- HBAR overbought condition may lead to a negation of the bullish outlook below $0.044.
Hedera Hashgraph price is currently enjoying backing from the bulls that have managed to push the altcoin to a two-month high. However, going forward, HBAR will need to see a consistent bullish effort in order to prevent a relapse and regain the November 2022 highs.
Hedera Hashgraph price uptrend could be in trouble
Hedera Hashgraph price rose from the lows of $0.036 at the beginning of 2023 and rallied by more than 50.3% to trade at $0.054 at the time of writing. While the broader crypto market is maintaining its bullish stance, HBAR needs to reclaim the critical support of $0.059 to cement its rally.
In order to do so, HBAR bulls would need to keep going with their buying spree to push the price above the resistance level at $0.056. Flipping it into a support floor would allow Hedera Hashgraph price to breach the critical resistance at $0.059, after which the altcoin would be able to rally towards the November 2022 highs of $0.063 and invalidate the losses noted since FTX collapsed to bankruptcy.
HBAR/USD 1-day chart
However, enthusiastic traders should watch for a price correction in the near future as HBAR is vulnerable to a decline in price. The Relative Strength Index (RSI) is currently above the 70.0 mark in the overbought zone, which indicates a trend reversal would take place if the indicator slips below 70.0.
In such a case, Hedera Hashgraph price would first fall through the immediate support level at $0.051, losing which would give the altcoin a few opportunities to bounce back before tagging the critical support level at $0.044.
A daily candlestick close below this level would invalidate the bullish thesis, bringing HBAR back to December 2022 lows.
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.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.