is It Too Late to Buy Hedera? HBAR Price Shoots Up 11% in 24 Hours as Shibie Raises $150,000
Hedera Hashgraph (HBAR) has seen a third test of resistance from the 200DMA rejected as 3-months of suffocating price action seems set to continue.
This comes as the enterprise grade layer-1 blockchain has struggled to breakout from rock-bottom technical structure following a painful -90% bleed-out from its all-time high (ATH)
The failed retest of resistance from the 200DMA has left Hedera in a minor -6.5% retracement, with HBAR currently trading low at $0.0562 (a 24-hour change of -2.77%).
Built-off 12-days consolidation around support from the 20DMA, Sunday saw HBAR price shoot up +14.3% in a dramatic move triggered by the news that FreshSupplyCoAU have integrated Hedera into its Continuity API - in a move which connects the blockchain with the Mastercard network.
But despite the strong fundamental headwind, rejection at the 200DMA was swift, with momentum crumbling almost instantly at the $0.06 price level.
Yet, while price action is reeling from rejection, there is some solace from the steadfast support of the 20DMA, combined with the bullish signal found in the MACD at 0.0003.
The RSI contrasts this, however, overheating significantly on the recent push up to a bearish signal at 60.70 - although the -6.5% retracement appears to be cooling-down this critical indicator dramatically.
With upside potential seemingly limited to the ironclad resistance layer around $0.06 (+6.2%), and downside risk limited by strong footing in the 20DMA at $0.535 (-5.3%), HBAR faces a mediocre risk: reward profile.
Representing neither a particularly lucrative long or short position, HBAR's risk: reward ratio reads 1.17.
Yet, while it may be too late to get stuck into HBAR price action this week, intrepid traders are already moving on to find the
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