As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. The recent 17% drop in Hedera (HBAR) over the last seven days has caught my attention, and not in a good way.
Instead of the past weeks, the value of Hedera (HBAR) has dropped by approximately 17% over the last seven days. Although some investors are optimistic that this decrease in the HBAR price is only temporary, various signs hint that the altcoin might continue to fall further.
As of this writing, HBAR trades at $0.29. But how low can the cryptocurrency’s value go?
Hedera Trend Switches from Bullish to Bearish
One indicator suggesting that HBAR’s price could slide lower is the Exponential Moving Average (EMA). The EMA is a technical indicator that helps traders identify trend directions and potential support and resistance levels.
In an uptrend scenario, the Exponential Moving Average (EMA) could act as a potential floor for prices, which might rebound from this point and carry on rising further. Conversely, during a downtrend, the EMA may play the role of a ceiling where prices might pull back after reaching it.
Based on the 4-hour chart for HBAR/USD, the altcoin has dipped beneath the 20-day Exponential Moving Average (EMA), suggesting a downward trend. In the past, when this situation occurs, the asset’s value tends to plummet more than its current level. Consequently, there is a strong possibility that HBAR’s value might dip below $0.29 in the near future.
As a crypto analyst, I’ve noticed that from my on-chain viewpoint, Hedera’s dominance in social discourse within the market serves as a metric reinforcing the prolonged price correction. This social dominance refers to the extent of conversations centered around Hedera in the cryptocurrency sphere.
A growing social influence over the asset suggests that talks about it are becoming more frequent in comparison to other leading cryptocurrencies, typically indicating optimistic expectations. On the flip side, a decrease implies decreasing interest and less focus as the HBAR price falls.
On December 3rd, HBAR’s influence in social media platforms reached 3.50%. But since then, it has fallen to 1.12%, indicating a significant decrease in the coin’s popularity or ‘buzz’. If this downward trend continues, it might cause further drops in its price.
HBAR Price Prediction: Eyes on $0.17
On a day-to-day basis, the Chaikin Money Flow (CMF) has decreased significantly from its high on December 2. This indicator represents the movement of funds into or out of a particular cryptocurrency.
When Capitalization Movement Factor (CMF) rises, it typically means there’s growing demand or buying pressure, potentially leading to an increase in the asset’s price. On the other hand, a decrease in HBAR’s CMF rating may signal intensifying selling pressure instead.
If things continue as they are, HBAR’s price may fall to around $0.17. However, if the altcoin manages to surpass the 20 Exponential Moving Average (EMA) and buying activity strengthens, the trend could shift. In such a case, the token might soar up to $0.39.
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2024-12-10 14:57