Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Hedera saw enormous losses on the price charts in recent weeks. The rally in early 2023 was halted just below the $0.1 mark. Subsequent efforts to drive another rally were halted at $0.075. In April the higher timeframe market structure of HBAR shifted bearish. Keeping all these points in mind, here is an HBAR Price Prediction.
Read Hedera’s [HBAR] Price Prediction 2023-24
The price charts indicated further losses are likely in the coming weeks. Any bounce in prices can be considered a temporary respite before another leg south. Some important horizontal levels were identified, with $0.056, $0.05, and $0.044 being the closest to the market price of HBAR at press time.
Loss of $0.056 as support will hit the bulls hard
The daily timeframe showed that like many altcoins across the market, early 2023 was a wonderful time to be a bull. Hedera posted gains of 177% in January when it rallied from $0.0356 to $0.0987. However, the price has been pointing south since then.
The retracement to $0.056 in March was seen as a healthy pullback. When Bitcoin rose to $30k in April, it appeared likely that Hedera would be able to push past the $0.075-zone as well. And yet, the crypto-markets did not see strength from the buyers.
Thereafter, HBAR plunged into a downtrend. This was made apparent when the $0.063-support was broken. The market structure flipped bearish as well, and it remained so at the time of writing.
How much are 1, 10, or 100 HBAR worth today?
The RSI fell to 27 to show enormous bearish pressure. However the OBV did not see huge losses. Instead, it continued
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Author: Akashnath S
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