Hedera Hashgraph has managed to grow to be one of many prime blockchains judging by its $3.9 billion market cap. It continues to achieve recognition and utility however its native cryptocurrency HBAR has been on a pointy decline ever because it peaked in November 2021.
HBAR traded at $0.20 on the time of this press, a modest achieve from $0.18, the bottom worth degree that it has registered up to now, since its 2021 peak. It has up to now tanked by roughly 58% from its $0.47 ATH, which suggests it’s at present at a wholesome low cost. Its present worth motion means that it is perhaps due for an additional main rally.
Supply: TradingView
HBAR’s newest pullback worn out its March positive aspects
HBAR’s mid-March rally commenced from the $0.20 worth degree earlier than encountering resistance close to the $0.25 worth zone on the finish of the month. It has since then shed these positive aspects within the final 2 weeks and sought some extra draw back. This efficiency reveals that the worth has been restricted inside a assist and resistance zone.
The cryptocurrency’s MFI indicator reveals some accumulation after briefly touching its 0.20 degree, leading to a slight uptick within the final two days. Regardless of this, the RSI reveals that the worth just isn’t but oversold, however the DMI does level in direction of weak bearish momentum.
Making a case for an additional bull run
The two-week retracement has pulled the worth nearer to its structural assist close to the $0.18 worth zone. It’s extra more likely to expertise extra shopping for quantity than promoting quantity at that degree.
A topside push additionally means the subsequent Fibonacci retracement zone might be on the $0.25 worth degree. This implies the worth will rally by a minimum of 28% from its present degree earlier than dealing with the subsequent resistance zone.
The bullish expectations is perhaps supported by an uptick in provide held by whales since 11 April. Its market cap additionally grew barely, whereas developer exercise highlights robust and elevated exercise.
Supply: Santiment
