HBAR has witnessed a noticeable upward trajectory recently, surging by approximately 7.7% within a single day to trade around $0.0835. This rise comes after the cryptocurrency lingered between $0.077 and $0.079, indicating a significant breakout from a previously tight trading range. Such moves are often watched closely by traders looking for signs of market sentiment change.
What Sparked the Shift?
The price movement appears driven by a consistent weakening of the sellers’ stronghold, which was evident as buyers began maneuvering above the established trendline. This momentum effectively reclaimed a pivotal resistance territory, providing bullish traders renewed confidence in HBAR’s short-term prospects.
Insights shared by Crypto With Gopal point to a rounded bottom formation for HBAR, following a period of descent. The presence of this pattern, coupled with a falling wedge, often signifies possible trend reversals in technical analysis. As a result, HBAR surpassed the descending resistance line, sparking notable purchasing activity and pushing its price beyond $0.082.
After holding support near $0.077, HBAR broke above the descending resistance line. This move sparked stronger buying interest and drove the price above $0.082.
The recent analysis suggests HBAR might target two crucial upward levels: $0.086 initially, with a subsequent aim near $0.090. Both these areas are significant as they mirror prior zones of selling pressure during past recovery attempts.
Can HBAR Sustain This Momentum?
Current data from BraveNewCoin illustrates HBAR’s trade at $0.08348, while its intra-day low plunged to $0.07691, demonstrating a strong rebound within the day’s trading spectrum. With a market cap reported at approximately $3.61 billion and trading volumes nearing $96 million, these figures underscore the active interest in HBAR.
The 24-hour chart reflected not a sharp, single surge but a gradual rise spread throughout the day.
Newly emerging technical indicators affirm a short-term bullish trend for HBAR. The MACD line is recorded at 0.00078, above its signal line. Additionally, the histogram remains positive, suggesting steady upward momentum. The Chaikin Money Flow gauge shows 0.19, confirming increased buying interest.
- Current resistance sits at $0.085, with further targets set at $0.088 and $0.090.
- Immediate support rests at $0.082, then $0.080.
- A dip below $0.079 may reiterate the wedge pattern observed earlier.
Keeping a watchful eye on these levels will be crucial for traders as they assess the cryptocurrency’s resilience and potential continuation. The approaching resistance zone and the quick recovery from recent lows set the stage for critical decisions among HBAR market participants.
Continue Reading: HBAR’s Noteworthy Ascent: Breaking Through Key Levels
Disclaimer: The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Investment based on this is at their own risk.