Australian blockchain project, Hcash, is starting to show subtle signs of recovering having spent much of its existence in the crypto space on a bearish decline.
HSR soared to it’s all-time high of $43.17 within weeks of launching back in August of last year, but after a series of harsh sell-offs, the alt-coin failed to hold on to any consistent support. It found the bottom way down at 850 Sats where it has struggled to break free from for most of this year. Up until now.
After developing the project’s presence in South Korea last month, the token value was able to surge 134% over 12 days before it began correcting.
In the 2hr chart above we can see that during the recent correction, HSR found support along the 0.786 fib level around 1,060 Sats where it refueled before a sudden bullish candle charged through the upper resisting fib level. We can assume this was the result of a whale investor taking up a large position in HSR.
At the present time we can we buying momentum starting to swing in favour of the asset as the 15 EMA (yellow) is surpassing the 50 EMA (blue), which in turn is also beginning to converge with the 200 EMA (red) above.
Over 15min candles, the moving averages on the MACD indicator are also beginning to pull up over the signal line; with the faster average about to crossover the slower average. This is another positive sign that buying orders are starting to outweigh the sellers.
RSI is tracking perfectly in the middle of the channel for now, after recovering from an overbought moment triggered by the aforementioned whale order. We have yet to see clearer signs of an upward trend on this indicator.
While short-term momentum and market sentiment is starting to improve, we are still likely to see HSR fall back down to the lower support of the ascending triangle pattern before expecting any further bullish movement; in the absence of any further news or developments.
Hcash (HSR) Price Prediction
Once support does begin to return for HSR we should see our first price target, at the 0.5 fib level (1,337 Sats), easily achieved during the opening run. This would yield a 11.42% ROI from the current value at 1,200 Sats.
From there we would expect some sideways movement in the first green channel area before the uptrend continues towards the 0.382 fib level at 1,452 Sats. This would deliver a 21% increase from the 1,200 Sats level.
Of course if support departs from HSR again, as we’ve seen in the past, then an early selling indication will be as soon as candles start to hold underneath the white uptrending support of the ascending triangle; as the asset tracks inside of the red triangle area below.
Once it reaches this stage, it is likely that we’ll see the asset crash -11.67% to the 0.786 fib level at 1,060 Sats before potentially retracing back to the lower 850 sats base support again.
This article appeared first on Cryptovest
