For the first time since January 15, 2021, Hedera Hashgraph prices traded below the $0.048 price level on Wednesday. This is after the cryptocurrency industry went into a selloff frenzy following a 99 per cent drop in the price of Luna and UST.
However, the prices of Hedera Hashgraph have started to recover. In today’s trading session, Hedera has surged by more than 20 per cent to the current price of $0.1. The prices are also looking highly likely to continue with the bullish trend in the next few trading sessions.
One of the reasons why Hedera looks poised to recover is the recent resurgence of the crypto market. Today, the global market capitalization rose by 8 per cent today, after dropping by 13 per cent in yesterday’s trading session.
Hedera project is also one of the best-funded crypto projects today. A few weeks ago, Hedera Foundation announced a $250 million investment to expand on Hedera Hashgraph use cases. Such an investment is likely to fuel a faster recovery of the cryptocurrency, despite recent long-term bearish trends.
In today’s trading session, Hedera Hashgraph is up by more than 20 per cent. The recovery follows a streak of bad results which had seen the cryptocurrency lose 62 per cent of its value in the last four days. Hedera also set a new price low that has not been hit since January 15, 2021, a show of how aggressive the bearish drop in the past few days had been.
However, the current surge in prices is likely to continue, and there is a likelihood of it being a trend reversal. Therefore, I expect Hedera Hashgraph to trade above the $0.13 resistance level in the next few trading sessions.
However, if the prices move below $0.09, then my bullish trade analysis will be invalidated. It will also mean the bears have won, and the downward trend is likely to continue.
This post was last modified on May 13, 2022, 16:46 BST 16:46