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Hedera Hashgraph Price Ignores Overbought Conditions To Rally 17% To $0.626

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BUy Hedera Hashgraph

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Hedera Hashgraph (HBAR) is the awakening giant in 2023, leading the recovery on Friday. The Hedera Hashgraph price has rallied since the start of the year painting green candlesticks daily, except for four, where HBAR printed short red candles. The long lower wick on Sunday’s candle suggested that the bulls were aggressively defending the support offered by the upper boundary of the descending channel. 

The token boasts a 17.23% rally on Thursday and 74.1% cumulative gains since January 1 to trade at $0.0605 at the time of writing. 

What Is Behind HBAR’s Ballistic Move?

HBAR is the native token of Hedera Hashgraph, a sustainable, enterprise-grade platform that allows individuals and businesses to create powerful decentralized applications (DApps). It is designed to be a more efficient system that eliminates slow performance and instability that is common with blockchains.

In the spirit of being a sustainable and enterprise-focused project, Hedera hosted a series of events at the ongoing World Economic Forum (WEF) in Davos 2023 which is entering its final day today. At the forum, Hedera Haus showcased its “DLT applications from Hedera Governing Council members including ServiceNow, Avery Dennison, IBM, Standard Bank, and DLA Piper.”

While at the forum, the HBAR Foundation also announced a partnership with Corp Stage aimed at “creating a new verifiable and auditable ESG reporting platform” on Hedera to provide enterprises with a “trusted and reliable way to track & report on sustainability & social responsibility efforts.”

Although Hedera Hashgraph is not common in the DeFi and NFTs spaces, it is likely that more companies will launch their Hedera products given its conspicuous presence at this year’s WEF in Davos. 

As such, the ongoing social chatter around Hedera has been fueling the HBAR price, but is it enough to sustain the uptrend?

Is It Time To Buy Hedera Hashgraph Price At $0.06?

Hedera Hashgraph price appears to have broken out of the 2022 downtrend as observed on the daily chart below. Notice HBAR holding comfortably above the descending parallel channel and two major moving averages: The 50-day Exponential Moving Average (EMA) (in red) at $0.0475 and the 100-day EMA (in blue) at $0.051. 

Trading above these key support levels allowed the altcoin to rally 7% in the last 24 hours to $0.06, a price level last seen in early November before the collapse of the SBF-led FTX crypto exchange.

HBAR/USD Daily Chart

Hedera Hashgraph price chart Jan 20
TradingView Chart: HBAR/USD

Hedera Hashgraph price upheld its positive trajectory defying the first widespread crypto market pullback in the new year. The most challenging task for the buyers is to break and hold above the seller congestion zone, represented by the lower red band at $0.0561. 

Clearing this hurdle would bind the bullish scope to include the 200-day EMA (in purple) at $0.0688 and the next resistance in the upper red band around $0.084. Such a move would constitute a 40% uptick from the current price.

The bullish outlook is validated by the position of the Moving Average Convergence Divergence (MACD) indicator in the positive region. A buy signal from January 7 has been sustained with the MACD (line in blue) holding above the signal line (red).

This optimistic outlook in HBAR price could be the reason why investors are ignoring the extremely overbought conditions, as seen with the Relative Strength Index’s (RSI) position at 79. In case declines catch up with the Hedera Hashgraph price, investors would be looking to cash out on short positions placed below the lower red band at the 100-day EMA, the 50-day EMA, and the primary support at $0.377. 

In highly bearish cases, the HBAR price may drop lower to tag the lower boundary of the falling channel at $0.0324. Investors could expect HBAR to take a breather here before staging a comeback. 

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To achieve this, Fight Out is developing a gamified fitness app and gym chain that will allow users to earn the FGHT token by completing workouts and challenges. Fight Out’s presale is underway and the team has already raised $3.08 million by selling 1 FGHT for 1 USDT.

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