Hedera is Going to Zero as HBAR Price Falls 5% in 1 Hour While XRP20 Surges Past $1.8 Million in Funding
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.
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
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