Hedera Hashgraph price pares back 10% gain as risk-off sentiment returns

Hedera Hasgraph sees altcoins rallying firmly in ASIA-PAC session.
HBAR undergoes fade in the European session.
HBAR price risks another decline toward $0.0577

Hedera Hashgraph (HBAR) price is showing whipsaw moves as bulls jumped on the positive vibe during the ASIA-PAC session as a rescue plan arrived on Sunday in the wake of the default of Silicon Valley Bank. As the fade nearly pared back all the earlier gains, the risk of a complete reversal grows by the minute.

Hedera Hashgraph price at the mercy of the VIX

Hedera Hashgraph price is moving synchronously with other altcoins like Terra LUNA Classic. This Monday morning bulls were shooting through the first available cap and saw a rally stretched toward the European opening. Quite the turnaround in the European session appeared, however, as a large fade occurred with support to be found at that cap that has turned into support.

HBAR will have its traders watching that 200-day Simple Moving Average (SMA) at $0.058 like hawks. It was pierced through in the bullish ASIA-PAC session and is currently held as support in the European session. Expect to see a breakthrough toward $0.055 as sentiment in the US looks similar to the European session.

HBAR/USD 4H-chart

The US session could trigger a turnaround though and instead choose the sentiment from the ASIA-PAC session. With much of the dust settled over the current turn of events, US traders could buy the dip and send HBAR higher. HBAR would jump toward $0.065 and possibly even test that blue ascending trend line near $0.070.

Share: Cryptos feed

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.

Join Telegram