• Thu. May 30th, 2024

Price Of Hedera Rise By 5%, Short-Term Traders Take Profit

Maria Bartiromo

ByMaria Bartiromo

Aug 12, 2023

In an unexpected change of events, Hedera’s (HBAR) price has significantly increased, with gains of up to 5% after short traders’ profit-taking strategies. The spike has been associated to increased purchasing activity following the take-profit orders placed by short traders around the critical $0.0560 level, which is indicated by the 100-day Exponential Moving Average (EMA).

Investigation into Hedera’s activities over the past few days shows that the coin’s journey into a bullish trend has been turbulent. The cryptocurrency price first dropped by 10% due to intense selling pressure—the 100-day EMA level of $0.0560 provided much-needed cushion support for this fall.

According to the analysis published on the FXS platform, it is believed that if Hedera can complete a decisive 3-hour candlestick that is close above the critical $0.0560 level, it will likely complete a 5% rise to the supply zone. This indicates a significant change in momentum, which might result in more advances for the altcoin.

At the moment, the price of Hedera remains pivotal among it’s pairs as it faces the 50-day EMA level at $0.0572. This indicates supply-side congestion that will likely affect the altcoin’s subsequent move. The market’s bullish trend could be strengthened by the rising buying pressure, which pushes the price of HBAR to a supply zone of around $0.0606.

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Experts believe a reversal is still possible, and the situation is still delicately balanced. Another market analyst with CryptoNews, Sam Cooling, said that there is a chance that the price of Hedera will decline if seller momentum prevails. He cautioned that such an event would result in the cryptocurrency losing its recent gains, falling, and possibly hitting the 200-day EMA mark of around $0.0545.

The Future Of Hedera To Be Decided By Traders, Analysts Insist

Lockridge Okoth, a cryptocurrency market analyst with FXS, revealed that investors and market watchers are closely observing these changes since they may offer important information about Hedera’s short-term trajectory price. Available indicators show that HBAR’s direction in the near future will probably depend on the interaction of buyer and seller forces as well as essential EMA resistance and support levels.

Okoth, while explaining Hedera’s price pattern, advised that the cryptocurrency ecosystem develops and matures, emphasizing the value of thorough research and comprehension of market dynamics. He added that Hedera’s price swings should remind traders of the inherent volatility in the cryptocurrency market, where quick changes can occur depending on various variables.

The cryptocurrency’s immediate trajectory will be heavily influenced by its capacity to sustain its gains and overcome the obstacles presented by EMA levels. All eyes are on Hedera as it navigates the route to potential future gains or a pullback while the cryptocurrency community is looking for the next price movement.

Analysts say the coin will slide into a bullish trend should the supply fail to stand its ground through this bearish territory. The Moving Average Convergence Divergence (MACD) indicates a 0.0004 bullish divergence despite the downward movement. According to the available Relative Strength Index (RSI) indicators, Hedera may find itself in a consolidation position, moving into a slight downward at 55.35.

The Hedera proposed downward trend calls for more attention, with a lower support price level of  $0.0466 (-17.67%) should the 20DMA not hold. Meanwhile, as at the time of writing, the price of Hedera is currently up by 0.29%, to sell at $0.057238, with a trading volume of $28,564,583, after going down by 14.60% in the last 24 hours.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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