Hedera (HBAR) is showing signs of significant bullish momentum as it surges toward the $0.10 psychological mark, after gaining a remarkable 60% in just 12 days. Amid a generally bearish trend in the altcoin market, HBAR has emerged as a standout performer, showcasing a series of technical indicators that suggest a sustained uptrend could be in the cards.
As cryptocurrency traders and investors keep a close eye on the ongoing developments in the altcoin market, many are wondering: Could HBAR be poised for even more impressive gains? And how high could the price go in the near future?
In the past two weeks, Hedera has shown a strong reversal from its earlier downtrend, breaking through long-standing resistance levels. Currently trading around $0.065, HBAR has managed to climb by almost 60% from its recent lows. This surge is significant as it represents the coin’s ability to break free from the pullback phase that began early in 2024. In fact, the recent price action marks the end of a prolonged consolidation period, during which Hedera struggled to regain bullish momentum.
The $0.10 mark, a psychological price level for many traders, now seems within reach. As the price approaches this critical resistance, the question on everyone’s mind is whether HBAR can push past this barrier and continue to climb higher.
The technical indicators surrounding Hedera’s price are exceptionally promising, with the chart displaying several bullish signals that suggest the coin’s upward momentum could continue.
Looking at the weekly chart, Hedera has broken through an important trendline, marking the end of its pullback phase that started earlier in 2024. This trendline breakout typically signifies the start of a new uptrend, indicating that the coin may be gearing up for even higher price levels in the coming weeks.
The price surge has been driven by the bullish reversal pattern that has emerged in the last several days. Currently, HBAR is trading at $0.065, and its momentum appears to be gaining traction, with two consecutive weekly bullish candles appearing on the chart. This type of price action often suggests that buyers are beginning to take control of the market.
Another important technical signal to note is the MACD (Moving Average Convergence Divergence) indicator, which has recently shown a bullish crossover. The MACD is a commonly used tool for identifying shifts in market momentum, and the crossover between the MACD and signal line is generally seen as a strong signal of bullish strength.
As the histograms in the MACD also turn positive, it indicates that the buying pressure is increasing, further solidifying the case for continued upward movement. This is particularly significant given that the MACD is one of the most reliable tools for predicting short-term price trends in the cryptocurrency market.
One of the key hurdles for HBAR in the short term is the 50-day Simple Moving Average (SMA), which has been acting as resistance. HBAR is currently testing this level, and whether it can break above it will be a key factor in determining the next stage of its rally. If HBAR successfully breaks above the 50-day SMA, it could set its sights on the next level of resistance at the 23.60% Fibonacci retracement level at around $0.133.
Reaching these levels would not only validate the bullish trend but also increase confidence among traders and investors looking to capitalize on the altcoin’s potential.
With the current upward momentum and bullish indicators, many analysts are forecasting that HBAR has a strong chance of reaching the $0.10 mark in the near future. If the coin breaks through the 50-day SMA, it could trigger more buying interest, pushing the price closer to $0.10.
If the momentum continues, the next major resistance point would be the 200-day SMA, which sits higher on the chart. Crossing above this level would mark a major milestone for HBAR, as it would signal a prolonged bull market phase.
On the flip side, there are still some risks to consider. If HBAR fails to break above the key resistance levels, it could face a pullback. In such a case, the $0.050 level, a crucial psychological support, would be an important level to watch. A fall below this support could signal the end of the current bullish rally.
As of now, HBAR’s price trend remains firmly in bullish territory, and technical indicators suggest that the coin could be poised for further gains. However, the coming weeks will be critical in determining whether Hedera can sustain this momentum and achieve its $0.10 target.
As with any cryptocurrency, volatility remains a significant factor, and traders should be prepared for potential price swings in both directions. However, for those looking to enter the market, now may be an opportune time to consider HBAR as a strong potential investment.
With the MACD bullish crossover, a trendline breakout, and strong support at the $0.050 level, HBAR appears to have the necessary ingredients for a sustained rally. Whether it reaches $0.10 or surpasses it in the coming months, Hedera is certainly one to watch closely as the altcoin market continues to evolve.
The current technical setup for Hedera (HBAR) presents a compelling case for continued upward movement. With a 60% rise in just 12 days, the altcoin is attracting attention from both short-term traders and long-term investors. As the price nears key resistance levels, including the psychological $0.10 mark, the next few weeks will be critical in determining whether HBAR can sustain this bullish run.
For those considering buying into Hedera, the price action and technical indicators suggest that the coin could be on the verge of a breakout. But as always, investors should remain cautious of potential risks and stay informed of market conditions to make the best decisions.
Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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