Countertrend bulls seem poised for more gains

• Hedera Hashgraph price rose by 18% after establishing new yearly lows earlier in the month. 
• A bullish shooting star pattern occurred on the weekly time frame, which projects HBAR rising another 8% to 12%. 
• A breach below $0.047 would invalidate the bulls’ potential to tackle the mid $0.05 zone. 

Hedera Hashgraph price shows potential to rally a bit higher before the bears flex their power again. Based on the confounding technicals, HBAR could rise by 12%. Still, this thesis will enable traders to take the smart-contract token’s price action one step at a time.

Hedera Hashgraph price moves higher 

Hedera Hashgraph price has rallied by 18% on the month after falling into a new yearly low at $0.042 during the first week of November. On November 30, the smart contract token could hover above a recently breached 8-day exponential and 21-day simple moving averages. On the weekly time frame, the indicators produced the bullish cross signal as the 8-EMA flipped over the 21-SMA just below HBAR’s trading range.

HBAR price currently auctions at $0.05. Investors should also make a note of the morning star pattern that was depicted on the November 21 settlement. Using the bullish engulfing candlestick within the pattern gives a projected target 10% above the current market value at $0.055. The aforementioned level has shown influence as it was a vital level of support throughout July and August. The barrier has yet to be retested since the bears pierced through it during the first week of November. 

HBAR/USDT 1-week chart

If the market is genuinely bullish, the HBAR price should be on its way toward the mid $0.055 zone. A break below the recently interesting moving averages at $0.047 could invalidate the bulls’ potential to rally higher. If the Invalidation scenario occurs, the bears could re-route south, targeting new yearly lows. The 61.8% Fibonacci retracement level extracted from Hedera’s 2020-2021 bull run at $0.031 would be a potential target. Hedera Hashgraph price would decline by 37% if said price action occurred.