Hedera is Going to Zero as HBAR Price Plummets 5% Overnight and This New Meme Coin Takes All the Attention – $250,000 Raised Already
Hedera Hashgraph (HBAR) continues to trade in tight-fought consolidation above the 200DMA, but with two-failed tests at resistance, many are now saying ‘Hedera is going to zero’ – find out in this HBAR price analysis.
This comes following strong performance for HBAR, which exploded +20% last week in the wake of the announcement that FedNow will be integrating Hedera via the Dropp dApp.
The integration news comes amid a wave of project growth for the Hedera ecosystem, with big names like Kia, Hyundai, and Microsoft all making significant partnerships in recent weeks.
However, the FedNow integration remains particularly significant as it marks the first formal connection between Hedera and the Federal Reserve.
HBAR Price Analysis: Is Hedera Going to Zero Amid Price Tumble?
As Hedera struggles against tough resistance, HBAR is trading at a current price of $0.063 (a 24-hour change of +3.26%).
Following an impressive +90% rally since June 10, which saw HBAR push up from rock-bottom price levels around $0.04 to reach a local high of $0.075.
However, rejection from the upper trendline has triggered a thumping -17% retracement move, leaving price action reeling in a battle to establish consolidation above the 200DMA.
The 200DMA has become critical to price action, forming a long-standing capstone of resistance from the start of May until August 14 – failure to build support here could have devastating consequences for price action.
Indeed, the importance of this level has been deepened by the incoming convergence of the ascendant 20DMA – with $0.06 now forming the key support level to watch.
Indicators provide little relief, with Hedera’s RSI still showing bearish divergence with an over-sold signal at 56.98.
While the MACD has been slowing, it showcases extremely marginal bullish divergence at 0.0001.
Overall, this leaves HBAR in a precarious position – with a well-defended consolidation forming the lynchpin of rally survival.
To the upside, HBAR continues to target the local high at $0.075 ( a possible +19.62%).
On the downside, HBAR is facing a possible plummet down to $0.046 ( a possible -26.63% move) if price action breaks down.
This leaves Hedera with a risk: reward ratio of 0.74 – a bleak outlook dominated by the threat of downside risk on the short-time frame.
Yet, while the Hedera pump seems to be slowing down, smart money have already rotated their gains into the next moon-shot sensation: meet Sonik coin.
Sonik Coin Surges in Attempt at $100M Market Cap Super-Shot
Sonik Coin ($SONIK), which is not only making waves in crypto markets, but also racing – with the audacious goal of being the fastest token to hit the $100 million market cap.
And given the current trajectory, this aspiration may soon be a reality – as this rockstar presale has surged to a jaw-dropping +$250,000 raised in less than a week.