Will Hedera Price Test August Highs?

Hedera – HBAR price prediction remains bullish for the long term till it holds the $0.0500 support. However, for the short term prices look mildly bearish and the presence of sellers is visible. 

Hedera price drops below the 200-day EMA showcase the trend is again reversing. Buyers are trying to defend the 50-day EMA support but it is likely to get broken. 

HBAR price recovered well in the past 2 months and rallied 55% (approx.) from the lows. In the mid of August, Hedera crypto witnessed a massive spike in the buying volume and prices also followed the same direction. 

However, the buyers failed to hold the higher levels and prices faced rejection. The previous upmove in the Hedera crypto was speculative and buyers got badly trapped. 

Hedera’s price is trading at $0.0556 with an intraday decline of -4.47%. The 24-hour volume to market cap is 3.30%. 

The pair of HBAR/BTC is trading at 0.00000214 with an intraday decline of -4.46%. Both the pairs forming a similar pattern show bears are active and recovery will take time.

Will HBAR Price Recover or Decline Further?

HBAR Price prediction suggests a pullback rally is possible in the coming weeks. However, the overall market is mildly bearish which is negatively impacting the Hedera prices. 

Till the HBAR price sustains above the $0.0500 the probability of bounce back will remain high. However, the prices will gain momentum when buyers are able to break the $0.0700 hurdle. 

On the other hand, if the prices slipped below $0.0500 then the next phase of downfall will begin. The technical analysis suggests that HBAR price is near to the demand zone and downside risk seems low.

Hedera Price is Near to the Demand Zone

Hedera price formed a bearish candle on the weekly time frame. It seems like 7% to 8% more downfall is possible. 

The make-or-break level for the HBAR crypto will be $0.0500. The responsive buyers might be active near the demand zone and will try their best to rebound. 

The MACD curve generates a negative crossover and slopes down denote weakness. The RSI at 45 also slopes down indicating the strength of bears and more downside is pending.

Conclusion

Hedera – HBAR price prediction is bullish for the long term and suggests a significant rise is possible. However, for the short term, Hedera’s price looks mildly bearish and may test the $0.0500 level. 

The price analysis suggests, a minor pullback rally is possible but testing the August month high looks difficult.

Technical levels

• Resistance levels: $0.687 and $0.0757
• Support levels: $0.500 and $0.0417

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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