Is it time to invest in Hedera (HBAR) after its 32% rise with bullish indicators?
Hedera Hashgraph (HBAR) shows signs of a potential recovery, with analysts expecting a 32% price increase. The descending wedge pattern on the 4-hour chart suggests a bullish reversal, which could push the HBAR price from $0.19516 to approximately $0.25742.
This expectation is supported by the significant increase in stablecoin supply on the Hedera network by 353%, reaching $181 million, reflecting heightened activity on the chain and increased investor confidence.
Technical indicators bolster this positive scenario, as HBAR trades above the 200-day exponential moving average and the 61.8% Fibonacci retracement level. Additionally, the Relative Strength Index (RSI) is rising from oversold levels, indicating increasing buying momentum. However, a price drop below the $0.15 support level could negate the bullish outlook.
Chainlink (LINK) faces a $10 support test: Is a deeper drop coming?
The Chainlink (LINK) currency is facing pressure after failing to break the $18 resistance, with the price dropping over 16%, indicating weak upward momentum. Analysts warn that a continued decline could push the price to test the critical support level at $10, which is a key level to maintain the current market structure.
This decline reflects a change in investor sentiment, with increased selling pressure and declining demand. LINK's failure to maintain higher price levels raises concerns about a deeper correction. Investors are advised to closely monitor the $10 level, as a breach could signal further downside risks.
For those interested in investing in LINK, it is essential to assess the current market dynamics and potential risks despite the strong fundamentals of the project.