Hedera (HBAR) is currently experiencing an impressive rally, with its price surging 150% over the past week, bringing the token’s value to $0.1445. The surge has pushed Hedera’s market cap to an impressive $5.452 billion. As the cryptocurrency continues to climb, many are wondering: is HBAR poised for its next big breakout?
Over the past two weeks, Hedera has seen a remarkable price jump of 245%, starting from a low of $0.04159 earlier this month. This bull run has taken the HBAR token close to its 52-week high of $0.1567, as the cryptocurrency battles key resistance levels and aims to break through its previous price peaks.
The price movement on the daily chart shows a clear V-shaped recovery, signaling that buyers have gained control after a prolonged period of consolidation. In just the past seven days, HBAR has surged by 150%, with a 24-hour increase of 16.17% at the time of writing.
On the technical front, the cryptocurrency has managed to clear critical resistance zones, including the 100% Fibonacci retracement level, sitting at $0.1567. The continued bullish momentum is evident in the formation of a doji candlestick after a strong 60% surge last night, which suggests indecision and a potential pullback. However, given the ongoing upward trajectory, the overall sentiment remains bullish.
Looking at the technical indicators, the 50-day and 100-day Exponential Moving Averages (EMA) have recently crossed, signaling a positive shift in momentum. The next key point to watch is a potential “golden crossover” between the 50-day and 200-day EMAs, which would further confirm the uptrend and could push HBAR even higher.
In addition, the Moving Average Convergence Divergence (MACD) shows a strong bullish signal with histograms widening in favor of the bulls. This indicates that the upward momentum in HBAR is likely to continue in the short term. Overall, the technical indicators suggest that Hedera is still in a strong bullish phase, with buy signals continuing to surface.
Given the current price action and Fibonacci projections, the next price target for HBAR could be as high as $0.2249, a significant move above the current price. A more ambitious target suggests a potential extension toward the $0.355 level, which would represent a 145% increase from the current market price.
However, there are still risks of a pullback, especially if the price fails to maintain momentum. A retracement could see the price revisiting the $0.1180 level or the 78.60% Fibonacci retracement at around $0.12. This would provide a key support zone for the cryptocurrency in case of a market correction.
One of the key factors driving the recent rally is speculation surrounding a potential partnership between Hedera and SpaceX, with reports suggesting that Hedera could play a role in satellite-based blockchain applications. This has raised optimism about the network’s future, especially as Hedera positions itself to play a vital role in decentralized satellite payments.
If these rumors turn out to be true, it could significantly boost Hedera’s adoption, leading to further upward pressure on the HBAR price. While the partnership is still speculative, it has added fuel to the ongoing bullish momentum and attracted investor attention.
The recent rally in Hedera (HBAR) has many analysts wondering if the cryptocurrency is on the verge of a significant breakout. As it inches closer to its 52-week high, several technical indicators suggest that HBAR could continue its upward trajectory, possibly reaching price targets of $0.25 and beyond.
The speculative news surrounding potential partnerships and Hedera’s growing role in blockchain technology further adds to the bullish outlook. However, like any cryptocurrency, HBAR remains volatile, and there’s always the risk of a price correction if the rally loses momentum.
As the market continues to recover and HBAR’s bullish trend persists, it will be important for investors to monitor key support and resistance levels, as well as any further developments that could influence the price action. With the current market conditions, Hedera may be positioned for further gains, but caution is advised.
Hedera’s recent surge has been impressive, and its price action shows strong potential for continued growth. With its market cap approaching $5.5 billion and the technical indicators pointing to bullish continuation, HBAR could be on the path to breaking new highs. Whether it reaches $0.2249 or even $0.355 depends on market conditions and investor sentiment, but the signs are certainly promising.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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