HBAR wants to bounce off the important support

Bulls could push for a breakout to $0.35 and then recover to $0.53 if they keep prices above the $0.30 mark.

Hedera Hashgraph is trading around $0.33 at the time of writing this article as the bulls struggle to keep the bears at bay after experiencing a few brutal days triggered by the widespread sales in the market.

HBAR’s price has fallen nearly 44% over the past two weeks, a scenario that has been largely accelerated by Bitcoin’s recent plunge to a low of $40,000. This came as investor sentiment suffered another setback as China continued its crackdown on mining and cryptocurrency trading.

HBAR Price development

For the Hedera Hashgraph price, the range between $ 0.30 and $ 0.35 should be interesting for bulls who want to make up for some of the losses. On the other hand, the area below this region represents a legitimate target for sellers.

The collapse from the all-time high (ATH) at $0.57 occurred a few months after the bulls broke a four-month downtrend. The uptrend caused HBAR/USD to hit the ATH after hitting a low of $0.15 in mid-July before breaking down and retesting the old resistance line that had turned into a support line at $0.30.

The HBAR continues to be in an uptrend as seen on the daily chart, and the potential for further upward movement is still intact.

As long as prices remain above this line, an increase above the main supply limit at $0.35 is likely to lead to a retest of $0.40 and then $0.53.

HBAR/USD Daily Chart. Source: TradingView

However, lower volumes and a general reversal in cryptocurrencies could cause the HBAR price to break below the main anchor at $0,30 and re-test the bulls’ resolve near the 100 SMA ($0,25).

While such a slump offers investors the opportunity to buy the slump, the bearish view will strengthen if the 100 SMA demand zone is lost. This view is currently supported by an RSI below 50 and a MACD indicator that has a bearish crossover and is likely to consolidate in negative territory.

Should the $0.25 zone fall into bearish hands, a bout of panic selling could trigger new losses, with HBAR/USD likely to hit the $0.15 mark again.

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