Hedera Hashgraph price sees bulls attempting to pair back losses, head North on 25% upswing
- Hedera Hashgraph on Wednesday sees bulls paring back earlier losses.
- HBAR has its price action underpinned with a moving average.
- Expect to see a 25% upswing when bulls can turn this into a weekly green candle.
Hedera Hashgraph (HBAR) proves that even in altcoin land, Rome was not built overnight, as bulls are trying to slowly but surely erase earlier losses. One big element to take away is that the 55-day Simple Moving Average (SMA) is a force to be reckoned with. Expect from here to see HBAR price action trade north as more gains are on the horizon.
HBAR is still on track for 25% gain, although it might take a little bit longer
Hedera Hashgraph bulls are in the process of gobbling up all the bearish orders out there as earlier losses from this week are being erased. Expect to see the slide lower to turn into a profitable candle with a high conviction of closing in the green for the week. If bulls can manage to pull that off, more upside is on the forefront with a near 25% gain available.
HBAR, meanwhile, has revealed that bulls are willing to buy at key levels, such as the 55-day SMA. This means that price action is underpinned and could start to trade higher from here as bulls buy into the price action. A test at $0.08 would mean a 25% gain for bulls that have been in the trade from the beginning of the week.
HBAR/USD Weekly chart
Bulls have revealed where their interest lies and have been actively buying, exposing their entry levels. If bears are able to price action below the 55-day SMA, stops from bulls will get activated and swamp HBAR price with a string of sell orders. Price action wil tank further and might end up near $0.060 or 10% lower for the week.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
