Cryptocurrency Hedera has surged over 9% despite bearish sentiment in the blockchain markets, bringing the price back above $0.062.
Hedera Hashgraph is a public distributed ledger technology that enables developers to create high-performance distributed applications. Run by the non-profit Hedera Foundation, Hedera Hashgraph is a patented, secure alternative to traditional blockchains. The network’s unique consensus algorithm achieves dPoS with 100% consistency and performance at 1/4th the cost of other blockchains.
An up-close look at the price charts reveals a rising wedge pattern, which can indicate a bearish reversal.
What will happen if HBAR continues to pump or if the bearish trend reverses?
Crypto Price Prediction: Hedera (HBAR)
A price range of $0.055 to $0.084 has been seen in Hedera’s price action over the last few weeks.
In terms of technical analysis, HBAR crypto is still in a major downtrend. However, recent price action suggests it may be set up for something quite bullish if the price structure is preserved.
As Hedera is forming a bearish reversal pattern on the smaller time frames, we might see a short-term pullback before testing further resistance levels, such as $0.0622.
In the short term, we can see that Hedera (HBAR) crypto is forming a rising wedge. A rising wedge is usually bearish, so we can expect further negative movement down to $0.059.
As a result of the Fibonacci retracement, if the support level is lost on this time frame, we might see a bounce at $0.059 if buyers identify value there.
Hedera’s price might reach $0.082 during Q4 2022 if the HBAR bulls can break through the $0.0629 price level.
The price of Hedera crypto is actually extremely undervalued when compared to the bull market of 2021, in my opinion.
Hedera’s price charts get interesting when zoomed out. On the relative strength index, HBAR has now reached oversold territory.
In February 2021, Hedera’s price levels looked very similar to those prior to the parabolic bull run.
In the midst of the extreme fear phase of the market cycle, it is possible to speculate that current price levels would offer similar levels of prosperity. This would minimize downside risk.
Additionally, the above chart shows that HBAR was overbought in the bull market of 2021, resulting in a bearish divergence between the price and relative strength index.
HBAR could certainly be a wise investment option at the moment if you have a long-term investment strategy and want to hold cryptocurrencies.
HBAR (Hedera) Crypto Video Analysis
Compared to other cryptocurrencies, Hedera (HBAR) has a market capitalization of $1.4 billion and is ranked #39 by Coinmarketcap.
By the next crypto bull run, Hedera could certainly double in price from current levels, but traders should always be cautious, especially as we enter the crypto winter.
Cryptocurrencies that are eco-friendly?
It is well known that Hedera crypto is eco-friendly, as it is quite a carbon-negative. Each transaction uses only 0.00017 kWh, unlike Bitcoin which uses over 885 kWh.
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