HBAR’s BlackRock Rollercoaster: 100% Surge, 47% Plunge, What’s Next?

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.

Hedera Token Records A Pump And Dump Situation Today!

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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Will HBAR Price Ever Go Up?

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.