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- Hedera was currently priced at $0.08742.
- The current Hedera price is above 20, 50, 100, and 200-Days EMA.
- HBAR prices increased by 1.3% during the intraday trading session.
The bulls’ inaction is assisting the bears in maintaining their influence. The coin’s downward momentum is a deadly move and may require a lot of work to reverse this setback. In order to give the price some upward impetus, bulls are required to move. HBAR is presently selling for about $0.08742, up almost 1.3% during the intraday trading session.
If the coin develops a bullish trend, prices may rise to the primary resistance level of around $0.0959, and if the trend continues, prices may reach to secondary resistance of $0.1090. But if bulls abandon it, the price may fall to the primary support level of approximately $0.0612. Bulls must work hard to build some upward momentum, but their inaction could bring prices to the secondary support level of $0.0356. The investors find it too challenging to switch sides and are anxiously anticipating any movement to trade.
The coin’s volume has decreased by almost 4.57%, and the continued reduction shows that pressure from short-selling is growing. This demonstrates that bulls are participating in the transaction. The bears will suffer a humiliating loss if the bulls execute their strategy correctly. The negative trend will come to an end as a result. 0.0648 is the volume-to-market cap ratio.
The technical analysis of Hedera:
The technical indicator shows that: The oversold region is approaching the Relative Strength Index. The current RSI is 69.33 and the average RSI is 63.99 The coin’s price is less than all crucial Daily Moving Averages. HBAR investors are eagerly waiting for any directional change over the chart. MACD and MACD signals have intersected giving a positive crossover. Due to the calmness of bulls, the HBAR market is quite simple to manipulate. This could facilitate the whales’ movement
In the long run
The coin can face resistance near $0.096, but if breached can establish a strong high run targeting for $0.120. If the prices reach the target, an upsurge can be formed in the HBAR prices, benefiting the holders. According to this prediction, the token is suitable for longer investment and can witness rising Q1 for 2023.
Conclusion
The current market trend for Hedera Hashgraph (HBAR) is bearish, with the coin’s price experiencing a decline. However, there are signs of bulls gaining some momentum, which could break the bearish trend. declining volume of the coin indicates that short-selling pressure is increasing, and buyers must increase buying pressure and decrease selling pressure to stabilize the price of the coin.
Technical Levels
Resistance level- $0.096 and $0.109
Support level- $0.061 and $0.036
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
