- Hedera Hashgraph price trades with a bearish bias, looking at more losses before a possible trend reversal.
- HBAR could drop almost 7% to the $0.057 support level before a possible correction.
- The bearish narrative will be invalidated upon a decisive candlestick close above the 200-day EMA at $0.068.
Hedera Hashgraph price (HBAR) was bearish across February into the first week of March before a bullish resurgence inspired hope among investors. In its recovery attempt, however, HBAR price faced much resistance as overhead pressure built up, and now the Exponential Moving Averages (EMA) have the Hashgraph technology token suppressed.
Hedera Hashgraph price drops amid Binance liquidations
Hedera Hashgraph price is $0.061 at the time of writing, after losing almost 3% in the last 24 hours. Based on CoinMarketCap data, HBAR trading volume is up almost 10%, with Coinalyze showing surging liquidations on the Binance exchange.
Based on the data, Binance is recording the highest liquidation for HBAR token, which explains the steady decline in Hedera Hashgraph price.
Long liquidation spotted on Binance usdⓢ-m $HBAR.
— CNGG - Liquidation Detector (@LiquDetector) April 20, 2023
$90,146.20$ market sold at 0.06108$. ⬇️
At the time of writing, Coinalyze shows up to 156,790 total liquidations, but the number keeps changing as CoinMonitor recorded 178,500 earlier on Thursday.
$178.5K $HBAR SHORTED @$0.062029 BINANCE SPOT
— TheCoinMonitor (@TheCoinMonitor_) April 20, 2023
Sentiment:
1H: Bullish
Liquidation of an asset defines turning the asset into cash, hence selling. It is a bearish force indicating that Binance is closing traders’ leveraged positions, presumably because they (traders) have insufficient funds to keep a leveraged trade open.
Hedera Hashgraph price could drop 10%
Hedera Hashgraph price could drop an additional 10% if the bearish momentum ensues. Such a move could send HBAR to find support around the $0.057 level. In highly bearish cases, the altcoin could extend a leg down to tag the $0.046 support level, marking a successful retest of the mid-November to mid-December lows.
HBAR/USDT 1-day chart
Conversely, if buyer momentum takes form, Hedera Hashgraph price could rise to confront supplier congestion zones due to the 100-, 50-, and 200-day EMAs at $0.064, $0.065, and $0.068 levels, respectively. Notably, the bearish case will be invalidated once HBAR makes a decisive candlestick close above the 200-day EMA, marking a successful escape above the downtrend line.
Above the bearish zone, the Hedera Hashgraph price could extend a neck high to tag the $0.077 resistance level, but this would be in extremely bullish cases. Nevertheless, such a move would denote an uptick of around 25% from the current price of $0.061.
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
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.
XRP sees bullish momentum following $123 million increase in open interest
XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.
Coinbase launches wrapped Bitcoin token on Solana network
Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak
Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.