HAEDAL surged 65% this week, hitting an all-time high of $0.30 before retracing to $0.24.
Bearish divergence on the 4-hour chart signals weak momentum and a short-term drop.
Based on the AO and BBP positions, the daily timeframe paints a more optimistic picture.
HAEDAL, the native token of the Sui-based project Haedal Protocol, has increased by 65% within the past seven days. Initially, HAEDAL’s price hit an all-time high of $0.30.
But as of this writing, it has reversed some of those gains and declined to $0.24. In this analysis, CCN reveals what led to the earlier surge and what the short term holds for HAEDAL’s market value.
HAEDAL Hits Resistance After New High
On the 4-hour chart, HAEDAL experienced this rally after its price broke out of a falling wedge. This breakout was the altcoin’s price move from $0.12 to $0.30.
However, at press time, HAEDAL’s price has retraced to $0.24 amid rising volatility. As seen below, the Bollinger Bands (BB), which measure volatility, have expanded.
This expansion indicates that the current HAEDAL price movement is highly volatile. At the same time, the cryptocurrency’s value has tapped to upper band of the BB.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
When this happens, it means that it is overbought, and it seems that was one reason the price fell from $0.30. Furthermore, the Chaikin Money Flow (CMF) also agrees with this.
On Wednesday, July 17, the CMF reading was above the zero signal line, suggesting that HAEDAL could rise toward $0.50. But today, after forming a bearish divergence, it has declined below the threshold.
If sustained, this could accelerate the token’s downtrend, making a run to $0.50 difficult.
Due to the technical setup on the 4-hour chart above, HAEDAL’s price will likely drop below $0.18 in the short term. Profit-taking and a decline in bullish momentum might cause this.
However, according to the analysis, the altcoin’s value might trade much higher in the long run, on the daily HAEDAL/USDT chart.
Looking at the image below, the token broke out like it did on the 4-hour timeframe. But this time, instead of a decline in the CMF, two key indicators have flashed bullish signals.
For instance, the chart shows that the Awesome Oscillator (AO) has formed higher green histogram bars. The rise in the AO indicates bullish momentum.
If sustained, this could drive HAEDAL’s price beyond $0.30. If achieved, the cryptocurrency might test the upper-level resistance at $0.46.
Besides the AO, the Bull Bear Power (BBP) has also hit higher highs, indicating that bulls might soon regain control. HAEDAL might rally toward $0.70 in the coming weeks as long as this happens.
On the contrary, if bears take over, the token might slide below the $0.22 support, and HAEDAL might crash toward $0.10.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
