Hedera Hashgraph’s road to recovery has been rough. Since the late hours of the May 11 trading session, the prices have risen by 85 per cent. However, at one point, the prices were up by 136 per cent during that period, and a bullish trend looked likely to continue and trade above the $0.13 price level.
On my May 13 price analysis, I described why I expected the prices to hit the $0.13 price level and gave reasons why I was very bullish on my analysis. However, although the prices climbed by more than 60 per cent from the day of my analysis, the prices never hit the $0.13 price level. Part of why that didn’t happen is due to the current industry-wide cryptocurrency bear market.
Today’s data shows that the global cryptocurrency market is on a downtrend. In the past 24 hours, the market capitalization of the cryptocurrency industry has dropped by 1.24 per cent. Furthermore, many major cryptocurrencies, such as Bitcoin and Ethereum, are also downtrend. This downward trend of the cryptocurrency has made it impossible for Hedera Hashgraph to recover from the recent cryptocurrency crash.
Today’s trading session prices have remained relatively stable. As of the time of the writing, there has not been a lot of market activity, and the crypto is only up by 0.2 per cent. However, yesterday’s prices closed with a loss of six per cent. The session also extended the previous day’s strong bearish move.
Looking at the chart below, we can also see the prices are heavily bearish. The chart also shows that despite the recent price surge, which reached 136 per cent at one point, the prices are coming down. The past few days have also been aggressively bearish. Therefore, my Hedera Hashgraph price prediction expects the bearish trend to continue. We will likely see the prices trading below $0.080 in the next few trading sessions.
However, if the prices of today’s session wipe yesterday’s loss and close above the $0.097 (Yesterday’s opening price), then my analysis will be invalidated. A bullish move will also have been established if that happens.
This post was last modified on May 27, 2022, 13:23 BST 13:23