What Just Happened to HBAR? Hedera Tanks 5.6% – Is a Bigger Crash Coming?
Hedera (HBAR) dropped by 5.6% on Sunday while most cryptocurrencies were performing positively but has still managed to book some strong gains in the past week. The token currently sits at $0.1698 after returning 22.8% to investors in the past 7 days. Trading volumes have gone up by 3% in the past day and are standing a bit below the average as market volatility has subsided in the past couple of days.
Even though Sunday’s retreat could have concerned investors, HBAR recently broke a bullish pattern that could result in attractive near-term gains. In the past 24 hours, the token has lost 1.49% while other smart contracts platforms like Solana (SOL) and Ethereum (ETH) have gone up by 2.8% and 4.6% respectively. Hedera is an innovative blockchain that introduced a new consensus mechanism called the Hedera Hashgraph that facilitates the propagation of blockchain records among validators to increase transaction execution speeds. Despite this ground-breaking technology, the network is not yet as fast as Solana or Sui as its highest theoretical maximum for transactions per second currently stands at 10,000.
Hedera Could Rise by Another 18% as Positive Momentum Remains Strong
The daily HBAR chart shows that the price experienced a significant boost on April 9 when it rose by 16%. This uptick managed to help the token break its upper trend line and confirmed a bullish short-term outlook.
This move was accompanied by above-average trading volumes while positive momentum has been accelerating since then. The Relative Strength Index (RSI) has been on an uptrend in the past few days and currently stands at 47 while it has already moved above the signal line, which is typically interpreted as a buy signal. Meanwhile, the MACD’s histogram has been picking up its pace again and a dark green bar popped up right after Sunday’s drop. This typically signals that the price drop was just a temporary hiccup, possibly associated with a move to take profits by market participants. For now, the near-term target for HBAR is its nearest resistance at $0.20 meaning an upside potential of 18%. As cryptos continue to recover, the best presales of the year like MIND of Pepe (MIND) will continue to attract investors and could deliver attractive gains to early buyers.
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