Hedera Hashgraph Price Prediction: HBAR rises while all other Cryptos decline
- Hedera Hashgraph price rose by 9% on January 9th.
- HBAR is poised to rally toward the $0.10 liquidity zone.
- Invalidation of the bullish thesis lies beneath the $0.076 level of support.
Hedera Hashgraph price has been deemed this week's crypto outperformer as the digital currency has risen in value, escaping the market's bearish decline. The HBAR price could continue rallying towards higher liquidity levels if market conditions persist.
Hedera Hashgraph price impresses investors
Hedera Hashgraph continues to gain the attention of investors as the scalable smart contract token is moving in the opposite direction of many risk assets. Despite the January 9 liquidation that induced Bitcoin and Ethereum's largest decline of the year, Hedera Hashgraph rose by 9%.
Hedera Hashgraph price currently auctions at $0.077. The 21-day super moving average is providing support, and several bullish divergences can be observed on the Relative Strength Index. Additionally, a 1-2-1-2 pattern has emerged, with support consistently ascending during each bearish attempt.
The 1-2-1-2 pattern is often a progressive consolidation that precedes a strong surge in cryptocurrencies. If the technical analysis is correct, this pattern could lead to a rally towards the $0.10, resulting in a 30% increase from Hedera Hashgraph's current market value.
HBAR/USDT 1-Day Chart
Invalidation of the bullish thesis lies beneath the recently established higher support level at $0.076. A breach of this support level could indicate a potential decrease in market value for Hedera Hashgraph, targeting liquidity levels as low as $0.04. The bearish scenario would result in a 50% decrease from HBAR's current market value.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
