- Hedera Hashgraph price soared by 28% last week
- HBAR could embark on a much steeper downtrend towards $0.05 if the $0.08 support zone fails to hold.
- Invalidation of the bear's thesis would occur with a breach above $0.09.
Hedera Hashgraph price could be on the brink of a strong downtrend. However, traders should look for confirmation signals before confidently joining the bears.
Hedera Hashgraph price headed south?
Hedera Hashgraph price soared by 28% last week, making it one of the best-performing digital assets in the cryptocurrency space. Despite several bullish outlooks outlining HBAR's potential to rally back into the $0.10-zone, on January 12, HBAR's rally felt just short of the target zone, marking a high of $0.098.
Hedera Hashgraph price currently auctions at $0.083 and has lost 16% of its value since missing the target of $0.10 by 2%. At the time of writing, the bears are testing the support zone near the recent barrier, which is also where the 8-day exponential moving average is floating.
Traders hoping to see the self-fulfilling $0.10 prophecy manifest should be cautious. The steep decline since falling short could be indicative of a sense of urgency from profit-taking investors.
Since January 1, the HBAR price rose by 176% into the year-to-date high at $0.098. A Fibonacci retracement tool surrounding the winter rally shows a strong confluence zone near the $0.049 barrier, with a 61.8% Fib level lying there.
If the 8-day EMA fails, a test of the 21-day simple moving average will occur at $0.072. If a candlestick closes beneath the aforementioned barrier, then a 30% decline towards the golden pocket Fibonacci zone at $0.049 would be a reasonable display of profit-taking, considering the impressive amount of gains for HBAR this year.
HBAR/USDT 1-Day Chart
Still, there is potential that the market will continue rallying higher as the 8-day EMA is still not given in. Invalidation of the bearish thesis could occur from the midway point of the current decline at $0.09. In doing so, the bulls would give way to another upswing targeting the $0.11 liquidity zone, resulting in a 33% increase from HBAR's current market value.
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