The cryptocurrency market has seen significant volatility in recent days, with two notable tokens, Hedera (HBAR) and dogwifhat (WIF), experiencing substantial price movements. Today alone, HBAR has dipped by 15% and WIF by 16%. Let’s delve into the details and analyze the insights from industry experts and price action.
HBAR’s Plunging Prices: A Temporary Setback?
According to market data, the price of HBAR broke through the upper band of the Bollinger Bands indicator two days ago, indicating a potential overbought condition. As a result, a much-anticipated retracement is currently taking place. For the price to continue its upward trajectory, support needs to hold around the $0.11 to $0.12 range.
Crypto analyst Crypto Troll (NOT!) believes that the current dip may present a buying opportunity. In a recent tweet, they stated:
“$HBAR bottom in? 1H showing bullish momentum shift If the 4H closes here we’re gonna get a nice bullish hammer candle or dragonfly doji! Let’s go back towards $0.20 #HBAR #Hedera #HBARbarians #BlackRock”
The analyst suggests that if the 4-hour candlestick closes positively, it could signal a potential price surge, with HBAR potentially reaching $0.20, representing a 100% increase from current levels.
Dogwifhat (WIF) Breaks Out, But Consolidation Looms
Dogwifhat (WIF) recently broke out of a sideways trend it had maintained since April 12, causing a sharp price pump. However, many bulls are now waiting for a successful retest to occur today, which could pave the way for a continuation of the upward momentum. Nonetheless, the current red candle is growing longer, indicating that the price might retreat into a consolidation phase.
Market observers will be closely monitoring the possibility of a daily close above $3.06, the level at which the breakout occurred, as this could provide further confidence for buyers to push the price higher.
Bollinger Bands Insight
The WIF price breakout from yesterday was able to breach the middle band of the Bollinger Bands indicator, which could now act as support in case of a successful retest. Bulls can then target the top of the band, which is around $4.00.
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