The HBAR price chart shows an increase in trend momentum as it takes a bullish turnaround to challenge the 100-day SMA. Will the market price exceed $0.085?
Key Technical Points:
- The Hedera (HBAR) price has increased by 40% in the last month.
- The bullish reversal forms a rounding bottom pattern with a neckline at $0.085.
- With a market cap of $1.70 billion, the intraday trading volume of Hedera has increased by 26% over the last 24 hours to reach $50.22 million.
Past Performance of HBAR
The Hedera (HBAR) price trend avoided a drop to the psychological mark of $0.050 during the correction, thanks to the bullish reversal from $0.059. The reversal rally rises above the 50-day SMA to challenge the overhead resistance confluence of the 100-day SMA near $0.085. The bullish reversal rally currently accounts for a price jump of 40% over the last month and a double bottom breakout.
Source – Tradingview
HBAR Technical Analysis
The HBAR technical chart shows a spike in the volume indicator supporting the engulfing candle and increasing breakout possibility. Moreover, the traders can expect the bullish breakout rally to reach $0.10. As Hedera’s market price challenges the 100-day SMA, the breakout rally will result in a bull run above the $0.085 mark. The daily-RSI slope displays a lateral trend with a bullish inclination in the nearly overbought zone reflecting a stronger bullish side. Moreover, the MACD indicator shows a rising trend in the fast and slow lines with a constant bullish gap. Hence the technical indicators maintain an overall positive outlook for the upcoming trend. In a nutshell, the HBAR technical analysis forecasts a bullish breakout of the 100-day SMA.
If the HBAR price exceeds the 100-day average, a potential bull run exceeding $0.085 will test the psychological resistance of $0.10. However, a bearish reversal may take support at the 50-day SMA at $0.070. Resistance Levels: $0.085 and $0.10 Support Levels: $0.80 and $0.70