Hedera (HBAR) Soars by 10%: A Prelude to its Next Meteoric Rise

Hedera (HBAR) Soars by 10%: A Prelude to its Next Meteoric Rise

The cryptocurrency market is experiencing a shift as buyers are pausing to reflect on recent developments. This pause comes as the overall market capitalization sees a positive increase of 2.7%, reaching a notable $1.18 trillion. Amidst this optimistic trend, the focus of buyers has turned toward Hedera (HBAR), which has emerged as the top performer of the day, boasting a remarkable 10% gain.

Hedera (HBAR) has been on a consistent upward trajectory, in contrast to the situation of the dominant player in the market, Bitcoin, which is still struggling to surpass the significant resistance at the $30K mark. 

Source: Tradingview 

Notably, HBAR's token price is exceeding expectations as it follows an ascending trendline. Moreover, the possibility of Bitcoin's price crossing the $30K barrier could potentially serve as a catalyst, propelling a sustained rally for this particular alternative cryptocurrency.

Currently, the value of the Hedera (HBAR) token is exhibiting a 10% positive trend, trading at the $0.0600 mark and gradually nearing the $0.062 level. This particular level corresponds to the 0.382 Fibonacci retracement level. To achieve a more substantial return on investment within a shorter span, potential investors are advised to drive the HBAR token beyond the initial resistance.

In terms of the hourly price chart, the $0.050 level serves as a crucial support, while the subsequent hurdle lies at the $0.070 mark, assuming that HBAR manages to surpass the immediate resistance.

Source: Tradingview  

he Hedera cryptocurrency's value is currently undergoing a test of the 200-day simple moving average, driven by a bullish momentum. Once this critical level is successfully breached and confirmed as a support, it would instill confidence in buyers to gather the cryptocurrency with a long-term perspective.

Promising signals are being conveyed by the technical indicators, namely the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). The RSI appears to be approaching the threshold of the overbought territory, while the MACD has already surged into the positive zone, presenting a strong and evident bullish signal.

Support levels: $0.050 and $0.045

Resistance Levels: $0.62 and $0.075

Also Read: Ethereum's Price Battle: Can $1800 Support Weather the Bearish Storm?

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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.