fxstreet.com
- HBAR price has rallied impulsively, recovering 15% of market losses.
- An influx of volume accompanies the impulsive rally with larger transactions than the previous 33% decline.
- Invalidation of the bullish thesis is a breach of $0.043.
Hedera Hashgraph price may be preparing to challenge recently established bears in the market. If the market is genuinely bullish, an additional 15% rally could occur in the coming days. Key levels have been identified for day traders to approach the self-proclaimed Ethereum killer token dynamically.
HBAR price shows bullish interest
Hedera Hashgraph price should be on every crypto trader's watch list, as the smart contract token could produce a profitable opportunity in the coming days. HBAR price has lost 33% of its market value since the start of November. The steep bearish decline wiped out liquidity levels as far back as 2020. Near the newfound lows at $0.042, the Volume Profile Index began showing an increase in transactions. On November 14, after producing a higher low, the bulls produced a strong impulsive rally with a larger uptick in volume than the previous decline.
HBAR price currently auctions at $0.048. The bulls are attempting to utilize the recently breached 8-day exponential moving average as support before rallying higher. If the bulls are successful, the next target to aim for would be the 21-day simple moving average at $0.056 for an additional 15% gain.
HBARUSD 12-Hour Chart
Invalidation of the bearish thesis could occur if the higher low at $0.043 were to get breached. If the invalidation point is breached, a downtrend move targeting the 2020 liquidity levels in the mid $0.038 zone one could occur. Such a move would result in a 24% decrease from the current HBAR price.