The Hedera token experienced a massive surge of over 100% to its portfolio following a hoax news breakout of its partnership with Archax to tokenize BlackRock’s ICS US Treasury money market funds on its blockchain. However, the news was later clarified to be a rumor.
This resulted in a significant increase in the selling pressure for the altcoin in the market. Despite a correction of approximately 50%, the HBAR price is presently trading with a daily gain of 51.63% in valuation. Moreover, the altcoin has successfully claimed a spot in the top 25 cryptocurrencies.
The Hedera price displayed a bearish price sentiment for the first month, indicating a weak buying pressure in the crypto market. However, as the volatility increased, the bulls successfully broke out of the resistance level and jumped 105% in valuation before facing rejection at $0.139.
After displaying a sideways trend for a while, the bulls lost momentum, resulting in the price losing 44.38% in its portfolio. Recently, the bulls recorded a significant jump of over 100% within hours and recorded a high of $0.180. Since then, the price has experienced increased selling pressure.
The Relative Strength Index (RSI) surpassed the overbought range, indicating a strong bullish price action in the market. However, the price recorded a sharp fall, indicating a mixed sentiment in the crypto space.
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If the market holds the price above the support level of $0.139, the bulls will regain momentum and test its resistance level of $0.160. Maintaining the price at that level will set the stage for Hedera price to attempt to retest its upper high of $0.180 in the coming time.
Conversely, if the bulls fail to regain momentum, the HBAR price will continue trading under a bearish influence and prepare to test its lower support level of $0.120.
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