In today’s trading session, the Hedera Hashgraph price shows strong signals of a bearish move. However, today’s drop comes amidst a strong, aggressive push to the upside, which started on July 13th and has seen prices surging by 35 per cent.
Despite today’s price drop, the current long-term bullish trend has coincided with the aggressive push to the upside of the cryptocurrency industry. The continued recovery of the cryptocurrency industry has had an impact on altcoins such as Hedera Hashgraph, partly due to a positive correlation with major coins such as Bitcoin and Ethereum.
Hedera has also continued to gain traction with cryptocurrency users due to its fast, fair and secure infrastructure that allows decentralized applications (dApps) development and running. This has seen it grow to become the 38th largest cryptocurrency with a market capitalization of $1.7 billion.
Hedera Hashgraph is down by a percentage point in today’s trading session. The session also looks aggressively bearish, and we might likely see Hedera Hashgraph’s price moving further down. However, looking at the chart below, Hedera Hashgraph is still in an aggressive bullish move.
Today’s move to the downside is looking likely to be a price correction after the recent price correction. Therefore, I expect the Hedera Hashgraph price to start recovering in the next few trading sessions. My Hedera price prediction expects the price to hit the $0.090 price level in the coming trading sessions.
Based on the recent bullish price action, there is also a high likelihood that we may see prices hitting the $0.1 price level. My bullish analysis will, however, be invalidated if Hedera continues dropping and hits this week’s price low of $0.072. At that point, the likelihood of a continued push to the downside will be high.
This post was last modified on Aug 12, 2022, 09:28 BST 09:28