Hedera at a pivotal juncture: Is it the right time to invest?
In the ever-evolving world of cryptocurrencies, Hedera Hashgraph (HBAR) has been a subject of interest among investors and blockchain enthusiasts. Let's delve into the current status and potential future movements of HBAR, as analysed by Charles Ledoux, a Bitcoin specialist and a graduate of the Crypto Academy.
As of the present, HBAR is trading at approximately $0.234, testing its monthly support at $0.230 on various exchanges. The Relative Strength Index (RSI) of Hedera Hashgraph indicates an increasing bearish dynamic, with the RSI currently below the neutral level of 50.0.
However, the Squeeze Momentum Indicator (SMI) suggests that the bearish force is intensifying, signaling a possible increase in volatility. This could potentially lead to a rebound, with a possible target of $0.244 if HBAR manages to hold its current support.
On the other hand, a break below the support at $0.226 could invalidate the bullish thesis for HBAR. Such a move could trigger a cascade of short liquidations and a potential decline of nearly 34%. The demand zone for HBAR is between $0.14 and $0.16, providing a floor should the bearish pressure persist.
It's important to note that the reaction of Bitcoin to the $110,000 level will be more determinant for altcoins like HBAR. Crypto-savvy investors should closely monitor the evolution of HBAR in the coming sessions.
For those interested in investing in HBAR, it can be bought on Bybit by creating an account, depositing funds, and placing an order in the HBAR/USDT pair. Bybit offers the option to deposit funds via fiat or crypto, and a sign-up bonus of $20 is available.
Charles Ledoux, the author of this article, has written numerous masterclasses to educate newcomers to the industry and over 2000 articles. He is a blockchain technology enthusiast and a Bitcoin miner for over a year.
In conclusion, the current price action of HBAR presents a mixed picture. While the RSI suggests bearish sentiments, the SMI indicates potential for a rebound. Crypto-savvy investors are advised to closely monitor the market and make informed decisions based on their risk tolerance and investment strategy.
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