Aaryamann Shrivastava
FXStreet
- Hedera price has been trading close to its immediate support at $0.063.
- In order to recover the 29.8% crash of August 2022, HBAR will need to flip $0.076 into a support floor.
- Losing the critical support at $0.056 would invalidate the bullish thesis, which could bring the HBAR price down to $0.049.
Hedera price pulled back from tagging the immediate resistance level at $0.069 following an 8.16% decline on Monday. HBAR, since then, has not made much of a move but is now in the zone to begin an uptrend.
Hedera price is looking to rebound
Hedera price slipped to trade at $0.064 at the time of writing, bouncing off the immediate support level at $0.063. The altcoin has been stuck in the consolidation zone between $0.069 and $0.063 for a week now.
Nevertheless, Hedera price had it coming since the cryptocurrency had been lurking in the overbought zone for the better half of January following its 95% rally.
The Relative Strength Index (RSI) has dipped back down into the bullish-neutral zone below 70.0, which gives HBAR the room it needs to rise again without being overbought.
A rise in Hedera price might note some resistance influenced by the broader market as the sentiment is still cooling down. But if Hedera price can breach the $0.069 resistance, buyers might be able to push the price to $0.076.
Flipping this critical resistance into support could see HBAR move higher toward $0.084 and mark a 30% rally.
HBAR/USD 1-day chart
However, should the price decline extend and HBAR lose its immediate support at $0.063, traders should practice some caution.
Hedera price would have another opportunity to bounce back at the critical resistance at $0.056, but a daily candlestick close below this level would invalidate the bullish thesis, leaving the altcoin vulnerable to a decline to $0.049.
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
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin has outperformed Ethereum in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
Bitcoins hits new record high above $94K, signals continuation of larger uptrend
Bitcoin hit new record high on acceleration above 94K on Wednesday, lifted by growing expectations for more crypto-favorable conditions under incoming Trump’s administration. Break above the top of seven-day consolidation range generated initial signal of continuation of larger uptrend after bulls paused to consolidate recent strong post-US election gains.
Cardano surges to over two-year high as on-chain metrics show bullish bias
Cardano (ADA) price extends its bullish momentum, rallying more than 10% on Wednesday and reaching levels not seen since early May 2022. On-chain data further supports this rally as ADA’s whale transaction, trading volume, and open interest all rise, reaching record levels.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.