Sweden’s Riksbank tested Algorand and Hedera Hashgraph for their retail CBDC. HBAR’s price analysis reveals the potential for an impressive 65% gain or a 36% drop, as the HBAR 50-day SMA just crossed below the 200-day SMA, forming a ‘Death Cross’.
Hedera’s 50-day SMA crossed below the 200-day SMA, forming a death cross, indicating investor bearishness. Despite strong fundamentals, HBAR’s price fell 5.9% in the last 24 hours to around $0.0708 during European hours, following Bitcoin’s drop below $60,000, which caused market fear.
HBAR Price Analysis: Bearish Trends and Potential Rebound
HBAR’s price has been dropping for most of the last two months. After hitting a yearly high of $0.181 in April, the price began correcting, dropping as low as $0.068 on June 5. The price action since November 2023 has formed a significant head-and-shoulders pattern, which is generally bearish for financial assets. However, it’s important to note that technical analysis is based on statistics and probabilities.
Currently, Hedera Hashgraph’s price is trending below the 50-day and 200-day simple moving averages (SMA). The recent ‘Death Cross,’ where the 50-day SMA crosses below the 200-day SMA, indicates that market sentiment is bearish for HBAR.
HBAR’s price is now at a critical decision point. If the price closes below $0.068, it could drop by 36% to $0.045, completing the head-and-shoulders pattern. Conversely, if bullish sentiment prevails, HBAR’s price could rally by 65% to $0.121. This level aligns with the right shoulder of the head-and-shoulders pattern, potentially leading to a consolidation zone between $0.135 and $0.068.
The relative strength index (RSI 14) for HBAR has entered the oversold region, suggesting a short period of high selling momentum before a potential reversal. The RSI supports the head-and-shoulders pattern, indicating that HBAR may experience a drawdown before a rally.
On the way up, HBAR may face resistance at $0.091, $0.088, and $0.097. Conversely, the asset may find support at $0.063, $0.051, and $0.045.
HBAR: Strong Fundamentals Amid Price Fluctuations
Despite the lagging price, HBAR boasts one of the strongest fundamentals in the crypto space. The Hashgraph technology underpinning Hedera is robust, and its adoption is accelerating.
Recently, Sweden’s Riksbank tested Algorand and Hedera Hashgraph for their retail CBDC. Both Hedera and Algorand were mentioned in their report on the “Potential Climate Impact of Retail CBDC Models.” Few crypto assets in the blockchain space receive such recognition, highlighting HBAR’s potential to be a significant player in this bull run.
HBAR’s price analysis reveals a critical juncture, with the potential for an impressive 65% gain or a 36% drop. Despite Hedera’s innovative Hashgraph technology, HBAR’s price action remains influenced by Bitcoin’s movements. Nevertheless, HBAR’s past performance demonstrates its ability to deliver substantial returns in the growing crypto market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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