Crypto: Hedera soars over 100% in one day! Analysis of April 25, 2024

While Hedera experienced a drop in its price toward a critical support level, the cryptocurrency soared to several times its value. Let’s examine the future prospects for HBAR together.

Hedera’s Situation (HBAR)

Following the overall rise of the crypto market, Hedera appreciated by surpassing, at the end of the year, its previous peak at $0.075. From this level, the cryptocurrency reached $0.10. It took a rebound from $0.067 for HBAR to break through its resistance and establish a new peak at $0.14. After a general downturn in the cryptocurrency market, Hedera corrected and once again joined its last support at $0.067. There was a noticeable buying interest at this level, which was preserved after a consolidation around $0.080. It is interesting to note that this stabilization occurred in a significant value area, in addition to being at the level of the 200-day moving average. A few days later, the HBAR Foundation hinted that Ownera, Archax, and BlackRock are associated with the company, which did not go unnoticed.

Indeed, the crypto doubled in price, going from $0.09 to $0.18 in one day. Naturally, such a movement eventually faded. At the time of writing this article, Hedera is quoted at $0.11. Despite this recent drop in interest, it seems that the cryptocurrency still maintains an overall upward trend. HBAR’s repositioning above its 50-day moving average, as well as the resumption of its upward momentum, as evidenced by the oscillators and its own price, are comforting signs. If this momentum is sustained, it could bode well for the price of Hedera.

The current technical analysis was conducted in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Now a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. Here you will find Lives, educational content, and mutual aid around financial markets in a professional and friendly atmosphere.

Focus on Derivatives (HBARUSDT)

While the open interest in HBAR/USDT contracts was platonic, it suddenly followed the trend of its price by increasing by 600%. It now stands at nearly $93 million in open positions on the HBAR-associated perpetual contracts. This increase is due to fundamental factors that have themselves led to a sharp drop in the HBAR/USDT funding rate, thereby favoring the number of new positions on these contracts. On the liquidation side, it can be observed that there were first seller positions before causing liquidations on the last buyers.

The three-month HBAR/USDT liquidation heatmap reveals that the liquidation area around $0.08 generated buying interest. Indeed, upon reaching this level, the price of the cryptocurrency stabilized before undergoing its last bullish movement. Today, the most significant liquidation areas are at $0.086 and $0.075. Further up, the subtle area of $0.13 can be noted. The approach of the price towards these levels could trigger a massive order influx, thereby increasing the risk of a period of heightened volatility for Ethereum. These zones thus represent a crucial point of interest for investors.

Hedera (HBAR) Price Hypotheses

• If Hedera’s price holds above $0.10, we could anticipate a return to $0.14. The next resistance to consider, if the bullish movement continues, would be $0.18. Even higher up, $0.27 can be noted. At this stage, this would represent an increase of over +137%.

• If Hedera’s price fails to maintain above $0.10, a retest of the $0.080 range could be envisioned. The next support to consider, if the bearish movement continues, would be in a price range between $0.060 and $0.67. At this stage, this would represent a drop of close to -47%.

Conclusion

Despite the inherent fluctuations in the cryptocurrency market, Hedera has shown signs of resilience and potential for growth. Its recent association with influential entities and the recovery of a strong trend indicate that Hedera could well continue to strengthen its position in the market. Nonetheless, while optimism is warranted, it will be crucial to closely observe the price reaction at different key levels to confirm or refute the current hypotheses. It’s also important to stay alert to potential market “fake outs” and “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also evolve rapidly due to other more fundamental factors.