Hedera Hashgraph may have established a secure low. Still, key levels have been identified for day traders to dynamically approach the self-proclaimed Ethereum killer token.
HBAR price may have bottomed
Hedera Hashgraph’s price should be on every investor’s watch list moving forward, as smart contract tokens could produce profitable opportunities in the coming days.
HBAR’s price has lost 33% of its market value since the middle of august. HBAR’s downtrend occurred under relatively low volume until September 12, when the HBAR price witnessed an impressive 16% rally with a considerable uptick in transactions. Unfortunately, the early bulls could not hold ground, and the bears eventually swept the liquidity under the origin point of the rally.
HBAR price currently auctions at $0.059 as the bears managed to wipe out all of the previous lows established during the summer. A hammer candle has officially been established on the 2-day chart amidst the liquidity hunt, which is a very optimistic sign.
Wycoff analysts could argue that a “Wycoff Spring” has occurred, as the liquidity hunt has wiped out all levels within the summertime range. Accompanying the hammer is a bullish divergence on the Relative Strength Index stating the newfound low is less oversold than the previous swing low. This signal could suggest that more investors in the market are holding onto HBAR for more upside potential.
Combining these factors, HBAR’s price could be on its’ way towards a massive bull run. A retracement into the previous ascending trendline would yield a 50% increase from the current market value. Invalidation of the bullish thesis is a breach at $0.047 based on RSI divergence techniques. This gives traders enough wiggle room to avoid any last-minute liquidity hunts before a true HBAR Bull run occurs.