- Hedera Hashgraph price has rallied by 73% this year.
- The uptrend has gone nearly vertical but is engaging with a strong resistance barrier.
- A breach of the trend could be an early-exit signal and prompt a 27% decline.
Hedera Hashgraph price making impressive gains
Hedera Hashgraph price has outperformed nearly all the cryptocurrencies this year, as the scalable smart-contract token has risen 73% since January 1. The impulsive incline has only witnessed four insignificant red days, with less than 2% lost in market value on each pullback. The other 14 days have been outstandingly bullish, yielding more profits to buyers in the market as the days progress.
Hedera Hashgraph price currently auctions at $0.060. The volume profile indicator has shown a persistent uptick in transactions during the hike, which suggests the bulls are confidently aiming for higher targets, The Relative Strength Index (RSI), an indicator used to gauge market behavior by comparing previous rallies and declines, shows HBAR price soaring through overbought levels past 80. The last time the RSI was this elevated was in March 2022, when HBAR rallied to $0.25.
Still, the HBAR price ultimatley failed during that rally, declining by 85% in less than a year’s time. Thus, investors must practice healthy risk management during the current uptrend rally. The next bullish target is October’s swing high at 0.074, which would result in a 20% increase from the current HBAR price.
The earliest signs of a failure of the trend could be the breach of the nearly vertical trendline that has been acting as support during HBAR's current rally. A breach of the indicator could induce a decline targeting the 50% and 61.8% Fibonacci Retracement levels of the 73% rally. The throwback scenario would create space for up to a 27% decline from the current Hedera Hashgraph price.
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.
Follow us on Telegram
Stay updated of all the news
How XRP whales are preparing for Ripple win against SEC
Ripple has garnered support from several experts and influencers on crypto Twitter in its legal battle with the US financial regulator, the Securities and Exchange Commission (SEC). Messari CEO Ryan Selkis expressed his support for the payment giant in a recent tweet.
Arbitrum airdrop flops, but ARB still makes it to a commendable all-time high. Here’s what happened
The token launch for Arbitrum was quite bumpy, to say the least after users could not claim their airdrop tokens for the first one hour post-launch. The turn of events was very disappointing, given that users had been waiting for a week for the highly-advertised ARB airdrop.
Do Kwon faces fraud charges in New York, LUNA price recovers from 9% crash
Terraform Labs co-founder Do Kwon is set to face more charges in the United States in addition to the ones that already exist against him. The arrest of the former Chief Executive Officer (CEO) of Terra will finally allow the fraud proceedings to begin.
Coinbase CEO calls for action in electing pro-crypto lawmakers following SEC Wells notice
Brian Armstrong urged crypto proponents to “contact their congressman, donate to pro-crypto candidates, show up at town halls” in an effort to achieve clear rules for crypto. The CEO of United States-based cryptocurrency exchange Coinbase, has renewed calls for crypto users to “elect pro-crypto candidates.”
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.