HBAR Price Analysis: 65% Gains or 36% Drop, Decision Time for Hedera
HBAR price analysis: The price of Hedera Hashgraph fell by 5.9% in the last 24 hours to trade around $0.0708 during European business hours. The decrease in price comes after Bitcoin dropped below the $60,000 support level, inciting fear among market participants.
HBAR Price Analysis: Head and Shoulder Pattern Spells Doom for Hedera
HBAR price has been dropping for the most part of the last two months. After hitting a yearly high of $0.181 in April, HBAR price began correcting, dropping as low as $0.068 on June 5. The previous HBAR price action since November 2023 constitutes a huge head-and-shoulders pattern, which is generally not bullish for any financial asset. However, as always, technicals are based purely on statistics and probability.
The price of Hedera Hashgraph is trending below the 50-day and 200-day simple moving averages (SMA). Additionally, the 50-day SMA just crossed below the 200-day SMA in what is known as a ‘Death Cross’. This means that general market participants are not bullish on HBAR.
HBAR’s price now stands at a crucial decision point. If the price closes below $0.068, the asset may drop 36% to $0.045 to complete the head and shoulders pattern. On the contrary, if bulls prevail, HBAR price may rally to $0.121 in a 65% surge. This price level coincides with the right shoulder of the head and shoulders pattern, and it may draw HBAR price action into a consolidation zone between $0.135 and $0.068.
The HBAR relative strength index (RSI 14) just entered the oversold region. This means there may be a short period of high selling momentum before a reversal to the upside. The RSI confirms the head and shoulder patterns, indicating that HBAR may experience a drawdown first before a rally.
On the way up, HBAR may encounter resistance around $0.091, $0.088, and $0.097. Conversely, the asset may find lower support around $0.063, $0.051, and $0.045.
HBAR Fundamentals Remains Robust
Despite the lagging price, HBAR has one of the strongest fundamentals in the crypto space. The Hashgraph technology is sound and its adoption is accelerating.
Sweden Riks Bank
June 2024
Algorand and Hedera tested for retail CBDC #Algorand #HBAR #Hedera #Crypto pic.twitter.com/5vLwzMrQDE
— The light shines in the darkness (@MatthewLINY) July 3, 2024
Most recently, the Sweden Riks Bank tested Algorand and Hedera Hashgraph for their retail CBDC. Hedera and Algorand are cited in their recent report on “Potential Climate Impact of Retail CBDC Models”. Few crypto assets in the blockchain space receive such honor and it indicates the potential behind HBAR to be a big winner in this bull run.
Bottom Line
HBAR’s price analysis reveals a critical juncture, presenting the potential for an impressive 65% gain or a 36% drop. Despite Hedera’s innovative hashgraph technology, HBAR’s price action continues to bow to Bitcoin’s influence. Nevertheless, previous HBAR performance shows it has the potential to deliver substantial returns in the growing crypto market.
The post HBAR Price Analysis: 65% Gains or 36% Drop, Decision Time for Hedera appeared first on CoinGape.
