Hedera price analysis: Hedera's demise, defeat for bulls

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

To make it simple for investors to switch to either side, the purchasers must take some action and enhance the purchasing pressure while lowering the selling pressure, and maintaining the coin’s price. It would be challenging for the bulls to give HBAR prices an upward impetus, nevertheless. Due to the calmness of bulls, the HBAR market is quite simple to manipulate. This could facilitate the whales’ movement.

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 its 20,50,100 and 200 days Daily Moving Average. HBAR investors are eagerly waiting for any directional change over the chart. MACD and MACD signals have intersected giving a positive crossover

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing