Hedera struggles at dynamic support. If the US dollar weakens and Hedera fails to follow, it suggests internal problems.

• Hedera struggles at dynamic help
• If the US greenback weakens and Hedera fails to comply with, it suggests inner issues
• Bulls could wish to see a day by day shut above $0.07

Bitcoin rallied initially of 2023 and triggered comparable rallies in all corners of the cryptocurrency market. Even much less recognized and widespread tasks, akin to Hedera, benefited from Bitcoin’s bullish breakout. 

HBAR/USD surged from $0.04 to $0.1 in lower than three months. It appeared like solely the sky was the restrict, however actuality settled in slowly. 

Quick ahead a number of months, and Hedera gave again all of its positive aspects. Furthermore, it’s unable to bounce convincingly, as all rallies are bought. 

Presently, it sits on dynamic help and struggles to carry above. With the US greenback rallying throughout the board, will HBAR/USD bounce from dynamic help?

Hedera chart by TradingView

The bullish case for Hedera

Bulls have a case so long as HBAR/USD holds above the dynamic help space seen in black on the chart above. 

The day by day chart additionally reveals robust resistance on the $0.06 – $0.07 space. A day by day shut above there, particularly above $0.07, would reinforce the bullish case. 

For that to occur, the US greenback should flip. It rallied over the summer time months, and now that September ends, it might flip. Actually, it’s the solely possibility for Hedera to make a bullish reversal, on condition that the greenback was within the driving seat all yr. 

The bearish case for Hedera

On the flip facet, a drop under dynamic help would possibly counsel inner issues. That’s notably the case if the greenback weakens whereas Hedera fails to rally.