Hedera Hashgraph price poised for break above $0.08 as bulls have wind in their sails

Hedera Hashgraph (HBAR) price is in a consolidation phase for yet another week as both bears and bulls are being pushed toward each other. Since the violent bullish breakout at the end of March, lower highs and higher lows have been formed in the past weeks. Expect to see a short fade at the beginning of the week with rather a bullish tone near the end, as $0.08 is poised to be tested by then in a bullish overtake of the price action in HBAR.

Hedera Hashgraph will see this consolidation spiral into a bullish outcome

Hedera Hashgraph price is taking a small step back this Monday in the ASIA PAC session at the start of this week after bulls printed a near 8% gain last week. Seeing the bullish sentiment over the weekend, the profit-taking this Monday is no issue at all to close this week with a big bang still. As the consolidation comes to an end, a bullish breakout is the best possible outcome next.

HBAR will break above the high of last week and the week before and set sail toward $0.08, which is just slightly above the high of March. That performance will translate itself into an 18% gain for bulls that are currently buying the dip. With the monthly pivot and the 55-day Simple Moving Average (SMA) underpinning the price action, even a leg higher near $0.085 could be possible if more bulls get the chance to enjoy the rally.

HBAR/USD  Weekly chart    

A small risk to the downside is present with the lower end of the candle from last week’s performance. The wick of the candle there broke below the low of the week before and could be pointing to a downtrend instead of a consolidation. Look for confirmation of that when HBAR starts to drop below $0.063. When that happens, expect more downside to come with a possible break below $0.060 toward $0.050.