- Hedera Hashgraph engages reverse gears on failing to rise above the all-time high of $0.2821.
HBAR is seeking higher support, but a worsening technical picture hints at a correction to the 50 SMA.
Hede
Hedera Hashgraph has witnessed an incredible rally since the beginning and 2021 and most recently in March. The token shot up more than 150% in the first 11 days of the month, trading a new all-time high of $0.2821. However, selling pressure has started to intensify, resulting in the ongoing correction.
In the meantime, Hedera Hashgraph is exchanging hands at $0.25 following the minor correction. The downward action appears to be gaining traction, accentuated by the Moving Average Convergence Divergence (MACD). This technical indicator follows the trend of an asset and keeps track of its momentum.
The MACD has stalled significantly higher within the positive region. Besides, the indicator is sending out bearish impulses, especially with the MACD line (blue) likelihood of crossing under the signal line.
On the downside, very little support is expected at $0.25 because the price has sliced through the zone several times before. Therefore, the most significant near-term tentative anchor is highlighted at $0.22. Here, bulls can increase their position and confidently defend the support as they push for another assault on the record high.
However, if push comes to shove and the price explores the levels under $0.22, Hedera Hashgraph will risk diving to the 50 Simple Moving Average (SMA) around $0.18 on the 4-hour chart. Other critical support levels to keep in mind include the 200 SMA currently holding the ground at $0.14 and the buyer congestion zone at $0.11.
Hedera Hashgraph intraday levels
Spot rate: $0.25
Relative change: -0.017
Percentage change: -6.35%
Trend: Bearish
Volatility: Growing
