fxstreet.com
- Hedera Hashgraph price has rallied by 73% this year.
- The uptrend has gone nearly vertical but is engaging with a strong resistance barrier.
- A breach of the trend could be an early-exit signal and prompt a 27% decline.
Hedera Hashgraph price making impressive gains
Hedera Hashgraph price has outperformed nearly all the cryptocurrencies this year, as the scalable smart-contract token has risen 73% since January 1. The impulsive incline has only witnessed four insignificant red days, with less than 2% lost in market value on each pullback. The other 14 days have been outstandingly bullish, yielding more profits to buyers in the market as the days progress.
Hedera Hashgraph price currently auctions at $0.060. The volume profile indicator has shown a persistent uptick in transactions during the hike, which suggests the bulls are confidently aiming for higher targets, The Relative Strength Index (RSI), an indicator used to gauge market behavior by comparing previous rallies and declines, shows HBAR price soaring through overbought levels past 80. The last time the RSI was this elevated was in March 2022, when HBAR rallied to $0.25.
Still, the HBAR price ultimatley failed during that rally, declining by 85% in less than a year’s time. Thus, investors must practice healthy risk management during the current uptrend rally. The next bullish target is October’s swing high at 0.074, which would result in a 20% increase from the current HBAR price.
HBAR/USDT 1-Day Chart
The earliest signs of a failure of the trend could be the breach of the nearly vertical trendline that has been acting as support during HBAR's current rally. A breach of the indicator could induce a decline targeting the 50% and 61.8% Fibonacci Retracement levels of the 73% rally. The throwback scenario would create space for up to a 27% decline from the current Hedera Hashgraph price.