Hedera Hashgraph’s price is looking poised to continue with its recent downside push in today’s trading session and is already down by a percentage point. The aggressive push to the downside, which started last week on September 13, has seen Hedera Hashgraph’s price dropping by over 20 per cent.
A continuation of the strong and aggressive bearish trend will be in tandem with the current bearish trend of the cryptocurrency industry, which has seen market capitalization dropping below $1 trillion in the past week.
The drop will also follow a general downward trend that has been displayed by other major cryptocurrencies, such as Bitcoin, which is down by 2 per cent today and has dropped by more than 7 per cent in the past seven days.
The reason for this is due to the significant correlation of Hedera Hashgraph with the general trend of these major cryptocurrencies. Therefore, when they enter a bearish trend, there is a high likelihood of seeing Hedera Hashgraph also dragged down.
Despite the drop in recent trading sessions, Hedera continues to perform in the markets, with some metrics showing overperformance. For instance, in the past 24 hours, Hedera Hashgraph’s trading volume has gone up by 11 per cent to $39.7 million. It is also ranked as the 38th largest cryptocurrency by market capitalization and continues to grow both in traction and the number of users investing in it.
Hedera Hashgraph Price Prediction
The chart below is clear, Hedera Hashgraph is in a strong bearish trend. Today’s price drop of one per cent is also looking likely to continue throughout the session, and there is a high likelihood that we might see Hedera’s price closing at a much lower price.
Therefore, my Hedera Hashgraph price prediction for the next few trading session expects the price to be trading below the $0.055 price level. There is a high likelihood that the long-term price drop will go down below the $0.050 price level. My analysis will, however, be invalidated by prices moving above the $0.060 price level.