Hedera (HBAR) Emerges as the Day's Top Gainer with 18% Price Surge

Hedera (HBAR) Emerges as the Day's Top Gainer with 18% Price Surge

On Monday, Hedera, a decentralized proof-of-stake public ledger, experienced a significant surge in its currency price, rising by an impressive 18% during intraday trading. This surge propelled its market capitalization beyond the $2 billion milestone, reaching a noteworthy $2.15 billion.

This remarkable upswing within a mere 24-hour period has captured the attention of cryptocurrency enthusiasts, making Hedera the leading gainer of the day, accompanied by a notable 17% intraday price increase. As of the current moment, the native cryptocurrency of the Hedera network, known as HBAR, is being traded at the $0.0670 level.

Buyers are keenly observing a bullish breakout on the weekly chart

Source: Tradingview 


When examining the weekly price chart, it's evident that the Hedera (HBAR) token price has consistently been on an upward trajectory, surpassing the bullish trendline. Notably, this week, the bulls achieved a significant feat by overcoming the 0.324 Fibonacci retracement level, marked at $0.062. 

This successful breach of a crucial bullish barrier suggests the potential for further gains in the near future. It's worth mentioning that the bulls do have a substantial safeguard in the form of a support trendline (colored black), acting as a formidable defensive zone.

HBAR on Daily Price Chart


source:Tradingview 


Buyers have exhibited an exceptionally robust buying stance, evident from the remarkable surge in trading volume by over 1300% within the past 24 hours, totaling an impressive $233.8 million. 

This surge has led to a substantial leap in the HBAR price, propelling it beyond the 200-day simple moving average. This could potentially serve as a catalyst for future movements if the bulls manage to secure a daily closing price above the $0.060 threshold.

It's noteworthy that despite this impressive performance, the $0.0760 level remains a subsequent bullish challenge that needs to be surpassed. 

The encouraging signals coming from the RSI and MACD indicators could potentially pave the way for an energetic rally, although it's worth mentioning that the RSI is on the brink of entering the extreme overbought zone, while the MACD is consistently ascending in the positive region.

also read: PEPE Memecoin's Buying Impact Unveiled – Key Hurdle Ahead!

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Disclaimer:
This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.