Despite the gloomy mood prevalent in the blockchain markets, the price of Hedera crypto has increased by more than 9%, taking it back up above $0.062.
When we look at the price charts in more detail, we can also observe the formation of a pattern known as a rising wedge, which indicates a possible bearish reversal. Will HBAR continue to pump, or will there be a downward trend reversal instead? Price Forecast for the Hedera (HBAR) Cryptocurrency
According to CryptoNews The price activity of Hedera has been somewhat variable over the course of the past several weeks, with lows as low as $0.055 and highs as high as $0.084 respectively. According to the results of a technical analysis, the HBAR cryptocurrency is still in a major decline; however, the most recent price action indicates that HBAR could be positioning itself to do something quite bullish if the price structure is not lost.
However, because Hedera is currently developing a bearish reversal pattern on the smaller time frames, we may experience a pullback in price in the immediate term before potentially retesting additional resistance levels such as $0.0622.
As we can see, the cryptocurrency known as Hedera (HBAR) is forming a rising wedge on the shorter time frames. This pattern is typically bearish, and the possibility exists that the price will break below the support level of $0.0615 and continue to move in a negative direction, eventually reaching $0.059
The Fibonacci retracement shows that if the support level is broken on this particular time frame, we might retest $0.059 and possibly see a bounce there if buyers discover value at that particular price level. This would be the case if the support level was broken on the previous time frame.
There is a good possibility that the price of Hedera might pump up to $0.082 during the fourth quarter of 2022. This would be the case if the HBAR bulls were able to build sufficient momentum and break over the $0.0629 price levels.
When compared to the price that it will be at during the bull market in 2021, I believe that the Hedera cryptocurrency is currently trading at a significant discount.
As you zoom out on the pricing charts for Hedera, you’ll see that things start to become interesting. On the relative strength index, we can see that HBAR has now entered the oversold region. This is a significant development.
The pricing levels of Hedera right now are strikingly similar to the price levels that existed before to the exponential price increase that began in February 2021.
We could speculate that current price levels would offer similar levels of prosperity, which would mean that downside potential could be minimized as we surf through the extreme fear phase of the market cycle. Alternatively, we could say that current price levels would not offer similar levels of prosperity.
The chart that you just looked at illustrates not only that HBAR was overbought during the bull market in 2021, but also that a massive bearish divergence was established when a higher high on the price was joined with a lower high on the relative strength index.
If you are interested in holding cryptocurrencies and have an investing strategy with a long-term horizon, in my opinion, HBAR could be an excellent option for you to consider right now.