Hedera Hashgraph is up by 2.5 per cent in today’s trading session. The rise in prices is a continuation of a sideways market, where trading sessions have alternated between bullish and bearish for the past five days.
The current bearish move comes despite the recent high-profile funding of the platform. The Hedera Hashgraph foundation launched a $155 million crypto-economy fund almost a month ago. The fund was budgeted for the entire year of 2022. According to reports, some of the money would be used to develop the ecosystem, while $60 million was allotted for DEX liquidity rewards.
However, the current price drop in HBAR price is unsurprising. This is after months of industry-wide price drops that have resulted in many cryptocurrencies losing more than 30 per cent of their value in the month of April. In the case of Hashgraph, it lost 40 per cent of its value last month. The drop was also a continuation of a long-term bearish trend that has seen prices drop by 51 per cent since the year started.
Hedera Price Prediction
The past few trading session have seen Hedera Hashgraph trading sideways. After hitting the $0.13 support level and failing to break to the downside. Looking at the chart below, despite the trend being aggressively bearish, Hedera has surged by more than 2 per cent in today’s trading session.
The chart also shows the RSI indicator starting to show signs of divergence. This can signal a trend reversal. However, due to previous months’ strong bearish moves, the current price gains are likely due to price corrections. Therefore, I still expect the price to continue going up regardless of where it is price correction or trend reversal. Therefore, my Hedera Hashgraph price prediction expects the prices to hit the $0.16 price level. After hitting the price level, if the current trend is reversed, I expect the prices to continue with the bullish move. However, if the gains result from a price correction, Hedera Hashgraph will resume its long-term bearish trend.