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- Hedera’s price has declined by 20% in the past 2 days.
- The trading volume has dropped by 28.05% to $538.06 million.
Hedera (HBAR) price performed positively in November and surged by 190%. In mid-November, the HBAR crypto triggered a breakout from the key moving averages and climbed by 100% in 3 days. However, it failed to reach this year’s high but was too close.
Recently, the HBAR price has triggered a pullback but failed to attract buyers’ interest. The bullish trend was interrupted near the $0.1600 hurdle.
Moving ahead, the token displayed a 20% loss in just a few days. Based on the technical chart, the trend is expected to remain bullish until it slips below the $0.1200 level.
Could HBAR Price Defend the $0.1200 Mark For Another Rally?
At press time, the HBAR crypto was trading at $0.131. That has dropped by 2.29% over the past 24 hours. The market capitalization was $5.04 Billion, ranking 27th in the cryptocurrency market.
HBAR price has been rising in a pullback flow and has defended the 20-day EMA. Recently, the price has failed to protect the 20-day EMA in a 4-H time frame, and the flow has broken.
The bullish trend in Bitcoin has halted near the $98K, and a 6% fall has been detected in the past three days. This might affect the altcoin by more than 15%. The Hedera price has reacted negatively for the past 3 days and has lost 21%.
According to price action, the $0.1200 level could be a crucial support level. It could be a buying signal if the price takes support and forms any attractive bullish candlestick.
Suppose the price departs from this territory, another rally can be anticipated and may touch this year’s high. Alternatively, if the HBAR price loses this level, sellers may dominate.
Losing this level could create fear among investors and traders, who might prefer to book profit. Profit booking at this moment could lead to sharp selling.
Turning to the technical indicators, the RSI has triggered a death crossover with the RSI-based moving average. The price has slipped below the 20-day EMA in a 4-H time frame.
Some reliable technical indicators are in favor of a bearish forecast. However, MACD and the Signal line are over the Zero line, and the histograms are deep green.
Is HBAR Crypto Ready to Grab 200% Ahead?
@traderrocko, a crypto analyst, believes the HBAR crypto can still deliver another bullish rally. According to his prediction, the price has traveled from $0.100 to $0.150 in a few days.
He has predicted a massive rally of 200%. He added that the price is expected to extend to $0.400 territory.
According to his analyst, a dip can be seen before a bullish trend. Here, ‘buy the dip’ could be a great option to grab a capital gain opportunity.
HBAR Price Prediction Based on Price Action
Hedera crypto has experienced a notable decline of 20% over the past two days. That was followed by a significant upward trend earlier in November.
While the current price at $0.131 reflected a slight drop, the critical level to watch was $0.1200. This could serve as vital support.
If HBAR can maintain its position above this mark and generate bullish signals, there is potential for another rally. However, if the price falls below $0.1200, it could trigger increased selling pressure and investor apprehension. This could lead to profit booking.
Overall, the technical indicators showed a bearish sentiment. On the other hand, the possibility of a rebound remains contingent upon the $0.1200 support level.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
