Signal price

An upcoming pullback could reduce the Hedera price by 7.8%; Buy now?

Posted 42 minutes ago

With a 350% rise in peak volume, the Hedera (HBAR) challenged the $0.075 barrier. Additionally, the altcoin’s winning streak increases to six days, and a successful breakout will intensify the bullish momentum. However, a minor pullback should stabilize the price rise before the start of the next bull cycle.

Key points from Hedera’s analysis:

  • Hedera price rises for the sixth day in a row
  • The 20-day EMA turns into viable support
  • The intraday trading volume of the Hedera coin is $112.3 million, indicating a gain of 371%.

Hedera ChartSource- Commercial view

The recent retracement in the crypto market has plugged Hedera price into its June-July lower support of $0.058. However, as prices approached this lower support, the technique reflected the formation of a descending wedge pattern in the daily timeframe chart.

This bullish pattern accentuates the fact that sellers are unable to drive the price down, and therefore, a breakout of the resistance trendline will trigger the buy signal for traders.

Also Read Here’s Why Hedera (HBAR) Prices Could Rise

So, on September 9, Hedera price gave a massive breakout of the pattern resistance trendline with a significant increase in volume activity. The post-retest rally showed the impact of the pattern’s breakout today, as the altcoin surged 10.3% higher.

If the daily candle closes above the $0.07 resistance, the accelerated bullish momentum will further accelerate the recovery rally. Thus, the breakout rally is expected to push prices up 10.5% to the high of $0.0775.

However, the coin price is facing supply pressure at the psychological level of $0.07 and prices reversing with a long-tail rejection candle. If the selling pressure persists, the altcoin could experience a slight pullback towards the $0.0645 inverted support to resume a fresh recovery rally.

Technical indicator

RSI indicator: the daily slope of the RSI has presented a cross above the neutral line, indicating that market sentiment has turned positive.

Bollinger Band Indicator: A retest of the upper band of the indicator is usually followed by a minor correction. Thus, the recent jump and the price of Hedera coins reach the upper band, supporting the pullback theory.

  • Resistance level – $0.07 and $0.077
  • Support level – $0.064 and $0.058

For the last 5 years, I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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