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Traders are scratching their heads about what Hedera’s (HBAR) next move will be following the market crash. Cryptocurrency analyst, EGRAG Crypto, shared on Twitter earlier today that HBAR’s latest developments could cause a bullish price movement for the altcoin, but certain technicals suggest that the token is on “thin ice”.
#HBAR Make it or Retest MYTL: #HBAR is still in critical Zone. Although, it had excellent news but from TA points of view #HBAR is currently treading on thin ice.
— EGRAG CRYPTO (@egragcrypto) August 20, 2023
The bullish camp must secure a weekly candle closure above Fib 0.236 (0.70c) to solidify it as a support level. If… pic.twitter.com/3PkIv0CIg2
In order for HBAR’s price to start moving up, it will have to secure a weekly candle close above 0.70c to solidify it as a support level. This move could possibly be fueled by the news that the open-source JSON-RPC codebase for the Hedera network has been integrated into Validation Cloud, Arkhia, and Hashio on 17 August 2023.
On the other hand, if HBAR is unable to achieve this, the cryptocurrency could retest back to the Multi Year Trend Line (MYTL) in the range of 0.50c-0.53c. The analyst also pointed out in his tweet that a “W” formation is busy forming on HBAR’s weekly chart. If this pattern plays out, EGRAG Crypto believes that HBAR could look to target 0.30c.
From a short-term technical standpoint, HBAR was attempting to overcome the $0.0640 resistance level at press time. A daily close above this significant threshold today will open up an opportunity for the altcoin’s price to rise to the next major resistance level at $0.0775.
On the other hand, HBAR closing today’s trading session below $0.0640 will put it at risk of testing the $0.05-$0.053 range identified by EGRAG Crypto. Technical indicators did, however, show that short-term and medium-term momentum for HBAR was positive.
The 9-day EMA line was positioned above the 20-day EMA line. Furthermore, both of these technical indicators found themselves bullishly positioned above the 50-day EMA line. In addition to the bullish orientation of these EMA lines, HBAR’s price was also in an ascending price channel.
Whether the cryptocurrency’s price will be going up or down soon, EGRAG Crypto shared that he will be looking to purchase the token as HBAR “is an absolute steal” at its current price. At press time, HBAR was worth $0.06369 after its price dropped by 3.33% over the past 24 hours, according to CoinMarketCap.
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