- The Hedera Hashgraph price reversed its gains on Tuesday as the altcoin traded at $0.063.
- A resurgence of buying pressure will resume the uptrend and push HBAR towards a key resistance at $0.076.
- A loss of immediate support could easily lead altcoins to fall to $0.049, invalidating the bullish thesis.
The Hedera Hashgraph price has become one of the few cryptocurrencies in the world capable of recovering the losses it faced in November 2022 following the collapse of FTX. Altcoins have room to rise further if they can sustain their recent growth.
Hedera Hashgraph Pricing in a Dilemma
The Hedera Hashgraph price is trading just above the $0.063 support level at $0.064. Since the beginning of the month, HBAR has been holding a green candlestick, up almost 100% in three weeks, and a few days ago he reached $0.072.
Given its enthusiasm, therefore, the recent decline could be attributed to a post-up break. This indicates that the price of Hedera Hashgraph may rise further. For the same, the bulls should support the altcoin recovery and push HBAR above the $0.069 resistance level.
A golden cross formed on the chart persists after the 50-day Exponential Moving Average (EMA) crosses the 200-day EMA.
This shows that the Hedera hashgraph remains bullish and has room to move up towards the critical resistance at $0.076 if it can break the support floor at $0.069. Once breached, Critical Resistance paves the way for HBAR to tag $0.084, marking a rally of 30%.
HBAR/USD 8-hour chart
Nevertheless, traders should be aware of the fact that the candlestick has already broken below the immediate support level.
Maintaining this critical support is critical for HBAR to sustain its recovery in November 2022. However, if the daily candlestick breaks below this level, the bullish thesis will be invalidated and the altcoin will drop to $0.049.
