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Hedera Hashgraph’s (HBAR) price recently experienced a significant movement. In the last 24 hours, HBAR’s price dropped by 5.9%, trading around $0.0708. This decline follows Bitcoin’s drop below the $60,000 support level, causing fear among cryptocurrency investors. Bitcoin’s fall has negatively impacted the market, putting pressure on altcoins like HBAR.
New Formation in HBAR
One of the critical technical indicators affecting HBAR is the ‘Death Cross’ formation, where the 50-day simple moving average (SMA) crosses below the 200-day SMA. This crossover is usually seen as a bearish signal, indicating that the asset may continue to face downward pressure.
Over the past two months, HBAR’s price has been in a downtrend since reaching its annual high of $0.181 in April, forming a large head and shoulders pattern since November 2023. Such formations are typically considered negative indicators for future price movements.
Critical Price Levels in Hedera
HBAR’s current price position is very important. If the price falls below $0.068, it could drop by 36% to around $0.045, completing the head and shoulders formation. Conversely, if a bullish trend prevails, HBAR’s price could rise by 65% to approximately $0.121. This potential increase would align with the right shoulder of the head and shoulders formation, likely leading to a consolidation zone between $0.135 and $0.068.
The Relative Strength Index (RSI) for HBAR recently entered the oversold territory. This indicates a high selling momentum for a short period before a potential reversal.
The RSI supports the head and shoulders formation, suggesting HBAR may experience another drop before recovering. On its upward path, HBAR may face resistance at $0.091, $0.088, and $0.097, while finding support at $0.063, $0.051, and $0.045.
Despite recent price challenges, HBAR’s fundamentals remain strong. The Hashgraph technology supporting Hedera remains robust and its adoption is increasing. Notably, Sweden’s Riks Bank has tested both Algorand and Hedera Hashgraph for a retail-based Central Bank Digital Currency (CBDC).
