Home Altcoins News Hedera (HBAR) Price Surges 5% with $2B+ Trading Volume

Hedera (HBAR) Price Surges 5% with $2B+ Trading Volume

Hedera price

Hedera (HBAR) has seen a notable price increase, climbing 5% over the past 24 hours and an impressive 37% in the last week. This surge is coupled with robust trading volume, surpassing $2 billion in the last 24 hours, highlighting the growing market interest and strong upward momentum behind HBAR.

The price rise is supported by positive technical indicators. The ADX (Average Directional Index) has surged sharply from 17 to 45.8 within just two days, signaling a powerful and sustained bullish trend. The ADX is used to assess the strength of a price trend, with values above 25 indicating a strong trend. An ADX reading of 45.8 suggests that the current trend is not only strong but also likely to continue in the short term, increasing the likelihood of further price increases for Hedera.

Although the +DI (positive directional index) has decreased slightly from 35.6 to 28.6, it still indicates that buying pressure outweighs selling pressure. The -DI (negative directional index) has risen modestly to 7.11, which further reflects that the market’s selling pressure remains low, contributing to the overall bullish sentiment around HBAR.

Hedera’s price movement is also supported by the Ichimoku Cloud, which is a popular technical indicator used to identify bullish or bearish trends. Currently, HBAR’s price is well above the Ichimoku Cloud, which is generally considered a strong bullish signal. Additionally, the Tenkan-sen (blue line) is above the Kijun-sen (red line), further confirming the upward trend. The Lagging Span (green line), which tracks past price movement, is also positioned above the current price, further validating the strength of the trend. The cloud itself is green and widening, suggesting that the upward momentum is likely to continue over the near term.

The key resistance level for HBAR is now $0.40. If the price surpasses this level, it would mark the highest price since November 2021. As HBAR approaches this resistance level, it’s essential to keep an eye on the support level at $0.33. If the price experiences a pullback, this range could act as a foundation for potential support. A break below this support level could indicate a reversal in the trend.

Looking at the Exponential Moving Averages (EMA), HBAR’s short-term EMAs are positioned above the long-term EMAs, signaling a healthy bullish trend. The distance between these EMAs is widening, further confirming the strength of the upward movement. If buying pressure remains strong, HBAR could continue its rise toward the $0.40 resistance, and potentially beyond.

However, traders should also be mindful of the potential for a market reversal. If the price fails to maintain momentum, the $0.33 support level becomes crucial. A break below this level could lead to a retracement, with subsequent targets potentially reaching as low as $0.29 or $0.26, depending on the strength of any downturn.

In conclusion, Hedera (HBAR) is showing strong bullish momentum, supported by technical indicators such as the rising ADX, positive Ichimoku Cloud signals, and favorable EMA alignments. The price is approaching key resistance at $0.40, and if it breaks through, HBAR could reach new highs. However, traders should monitor the $0.33 support level, as a drop below this could signal a reversal. Despite the potential for pullbacks, the overall trend appears to be bullish, and HBAR could see further gains if the momentum continues.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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