Hedera Hashgraph (HBAR) is facing serious downside risk after rejection from upper trendline resistance triggered a -11.3% retracement move since Wednesday.
The institutionally aimed enterprise-grade layer-1 blockchain has suffered tumultuous price action since 2021, with price action bleeding out -90% since the bull run – and the latest rejection could prove fatal.
HBAR Price Analysis: Hedera is Going to Zero
This week’s retracement move has left Hedera price reeling, with HBAR currently trading down at $0.0568 (a 24-hour change of -1.56%).
The -11.3% rejection hit worrying depths yesterday, as HBAR crashed through a recently reclaimed support level afforded by the 200DMA.
Now seemingly heading down further, the 20DMA forms the last major support level before HBAR faces a significant drop down to lower trendline support – as the trading channel narrows.
With downside movement dominating the chart, all eyes will be on the 20DMA to see it holds.
But despite the downside move, Hedera could soon enter consolidation according to the RSI indicator, which has cooled off rapidly during the downside move to just a minor bearish divergence at 55.35.
And better still, the MACD is still signaling a bullish divergence at 0.0004 despite the downside trajectory.
Upside potential has become limited here, with price trading just below tough resistance from the descendant upper trendline – capping upside potential at $0.0635 (+12.2%).
The downside risk is far more prominent here, with a lower support level at $0.0466 (-17.67%) if the 20DMA fails to hold.
This leaves HBAR with a risk: reward ratio of 0.69, a bad entry characterized by significant downside risk.
Yet, while traders are studying HBAR’s rejection, astute traders have already clocked onto an emerging presale with significant upside potential, meet: XRP20.
Meet the Revolutionary XRP20: A Breakout From Ripples’ Shadow Post-SEC
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How Will XRP20 Outperform Ripple’s XRP?
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Join the XRP20 presale and partake in what could be a gigantic price uplift, with more than $1.79m already raised and a hard cap of $3.68m, the presale is likely to accelerate further.
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Stay connected on Twitter and Telegram for the latest updates.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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