If the value of HBRA loses the support at USD 0.20, the ground would be clear for USD 0.70. The Hedera price is undergoing a significant corrective process but must hold onto USD 0.16 to avoid changing the trend considerably.
The value of the native token of the Hedera network, HBAR, recently jumped sharply just after Elon Musk tweeted a symbol ℏ. Nobody knows whether it is a reference to the cryptocurrency or just a coincidence, but it certainly influenced users in the crypto space.
HBAR is currently trading at around USD 0.1977 and has accumulated a loss of 24.6% in the last week. Its daily trading volume is above USD 137.99 million, and its market capitalization is about USD 3.85 billion. It occupies 32nd plays in the cryptocurrency ranking, according to CoinGecko.
The tweet posted by Musk only contained the symbol ℏ, which was enough for Internet users to look up what it was. Many concluded that he was referring to HBAR, the native token of the Hedera network.
The Price of HBAR Accumulates a 27% Profit in a Few Hours
The reason why the followers of Elon Musk turned their attention to HBAR is that the symbol ℏ is the corporate logo of Hedera.
Since the winks of the billionaire businessman have become a custom, traders are on standby to quickly speculate on cryptocurrencies.
What happened after he posted his tweet led the value of HBAR up to 27%, helped by the rally seen in the cryptocurrency market.
Weekly Analysis of the Hedera Price after the Tweet of Muck
The HBAR/USDT weekly chart shows that the rally is irrelevant, as a short/medium-term bearish inclination remains intact.
The price of the Hedera token has been reaching increasingly low lows after hitting an all-time high of USD 0.57.
Currently, the value of HBAR is defending the support at USD 0.20, but the trend indicates that it may lose that level soon. If that happens, the ground would be clear for USD 0.16.
Before thinking that a significant upcoming rally will occur, there should be increasingly high lows first. If the price broke the resistance at USD 0.25, that would be an early sign that this will happen.
Monthly Analysis of the Price of HBAR
The price of the Hedera token is currently undergoing a significant corrective process, as is occurring in the entire crypto market.
After making a double top at USD 0.45, HBAR is close to visiting the neckline of that formation at USD 0.16. The price must hold onto it to avoid a significant change in the trend.
It seems that HBAR reached the retracement bottom in June last year after leaving rejection above the 61.8% Fibonacci level. If that were true, there could be new all-time highs in the coming months.
However, if the crypto winter starts, there would probably de selling as high as 88% Fibonacci around USD 0.08 before a new rally begins.
By Alexander Salazar
