- Hedera Hashgraph price declined by 27% in December.
- HBAR remains suppressed beneath two significant short-term barriers.
- The bulls need to hurdle above the $0.042 liquidity level to create more upside potential.
Hedera Hashgraph price witnessed a severe decline during December, battered more than most cryptocurrencies in the market. The bears could breach 2020 liquidity levels if market conditions persist.
Hedera Hashgraph price points south
Hedera Hashgraph price broke a 30-day consolidation to the downside during the final days of December. By the end of the month, the bears successfully withdrew 27% of market value from the highly scalable smart contract token.
HBAR price currently auctions at $0.0380. A 6% countertrend bounce has occurred since the bearish downswing. However, the uptrend momentum is already failing as the hike has halted since engaging with the 8-day exponential moving average (EMA).
HBAR’s failure to cross through the barrier tells of the bearish power, as several cryptocurrencies in the space have been able to cross the same resistance level this week. If the market is genuinely bearish, the bears will likely be unable to produce a candlestick close above the 8-day EMA, and a liquidation event could occur, targeting the 2022 lows at $0.0365.
A breach of the low could induce a bearish rally targeting the 2020 liquidity levels established near $0.0300 and potentially $0.0270. The downswing potential creates the possibility for a 30% decline in the weeks to come,
HBAR/USDT 3-Day Chart
Invalidation of the bearish thesis could occur, but the bulls will need to breach the 21-day simple moving average at $0.0410 to take the countertrend rally seriously. A breach above the barrier could induce a spike toward the mid $0.050 liquidity zone. HBAR will rise by 45% if the bulls are successful.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.