HBAR Price Analysis: 65% Gains or 36% Drop, Decision Time for Hedera

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price movements. The recent drop in HBAR price by 5.9% within 24 hours is concerning, but not entirely unexpected given the broader market downturn triggered by Bitcoin’s dip below $60,000.

Hedera Hashgraph’s price took a hit, decreasing by 5.9% over the past 24 hours. The coin was trading near $0.0708 during European business hours. This downward trend follows Bitcoin dipping beneath its $60,000 support, causing apprehension among investors.

HBAR Price Analysis: Head and Shoulder Pattern Spells Doom for Hedera

HBAR Price Analysis: 65% Gains or 36% Drop, Decision Time for Hedera

Over the past two months, the value of HBAR has predominantly decreased. Following its peak at $0.181 in April, HBAR experienced a correction that pushed its price down to as low as $0.068 on June 5. The trend of HBAR’s previous prices since November 2023 forms a large head-and-shoulders chart pattern, which is usually seen as bearish for financial assets. Nevertheless, keep in mind that technical analysis solely relies on numbers and probabilities.

As an analyst, I observe that the value of Hedera Hashgraph (HBAR) is currently trading below both its 50-day and 200-day simple moving averages. Moreover, a significant bearish signal has emerged as the 50-day SMA recently dropped beneath the 200-day SMA in what’s called a ‘Death Cross’. This event typically suggests that investors are not optimistic about HBAR, and the market sentiment might be turning bearish.

At present, the value of HBAR is at a significant juncture. If the cost falls beneath $0.068 in the upcoming closing, there’s a possibility that the asset could decrease by approximately 36% to reach $0.045, thereby completing the head and shoulders chart pattern. Conversely, if the bulls gain strength, HBAR’s price might escalate up to $0.121, marking an increase of around 65%. This price point aligns with the right shoulder of the head and shoulders pattern, potentially leading to a consolidation range for HBAR 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. 

As HBAR climbs, it’s likely to encounter resistance levels at approximately $0.091, $0.088, and $0.097. On the other hand, if its price drops, potential support levels can be found around $0.063, $0.051, and $0.045.

HBAR Fundamentals Remains Robust

Although HBAR’s price hasn’t kept pace with others, its underlying strengths are robust in the cryptocurrency market. The technology powering it, Hashgraph, is solid, and its use is rapidly expanding.

Sweden Riks Bank

June 2024

Algorand and Hedera tested for retail CBDC #Algorand #HBAR #Hedera #Crypto

— The light shines in the darkness (@MatthewLINY) July 3, 2024

As a crypto investor, I’m excited to share that recently, the Riks Bank of Sweden tested Algorand and Hedera Hashgraph for their retail Central Bank Digital Currencies (CBDC). These two projects were highlighted in their report titled ““Potential Climate Impact of Retail CBDC Models”” – a recognition that few crypto assets have received. This validation indicates the significant potential behind HBAR to emerge as a major victor during this ongoing bull run.

Bottom Line

The analysis of HBAR’s price indicates a significant turning point, offering the possibility of a noteworthy 65% increase or a concerning 36% decrease. Although Hedera’s groundbreaking hashgraph technology sets it apart, HBAR’s price trends are still subject to Bitcoin’s impact. However, past performance of HBAR suggests it holds the potential for impressive gains in the expanding crypto market.

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2024-07-04 08:44