Growing Momentum for Hedera: Will the $0.30 Resistance Break After a 17% Increase?

Growing Momentum for Hedera: Will the $0.30 Resistance Break After a 17% Increase?

Hedera (HBAR) has witnessed a substantial increase in price, surging by 17% as it approaches critical resistance levels. The asset is currently trading at around $0.2132, boosted by a significant rise in trading volume. Several indicators suggest that the bullish trend may continue, but caution is advised as the market exhibits signs of being overbought.

Key Takeaways

Hedera’s price recently jumped by 17%, reaching approximately $0.2132.
Market capitalization is now $8.9 billion, with trading volume soaring by over 349% to $882.87 million.
Technical indicators reflect a possible upward trend but also signal overbought conditions.
The immediate resistance level stands at $0.2142, while potential support is near $0.2122.

Will Hedera Maintain Its Momentum or Begin to Decline?

Hedera's technical analysis shows a positive shift, with the Moving Average Convergence Divergence (MACD) line crossing above the signal line. This crossover indicates that momentum is trending upward, potentially signifying a trend reversal is in progress. Furthermore, the Chaikin Money Flow (CMF) for HBAR stands at 0.39, indicating strong buying pressure. Increased inflow of funds aligns with a bullish market outlook.

HBAR chart (Source: TradingView)

The four-hour price chart of Hedera suggests further potential gains. If bullish momentum persists, the price may approach the resistance level at $0.2142. Should a golden cross occur, it may pave the way for prices exceeding $0.2152. However, if bearish forces re-emerge, the price could quickly drop to the support level at $0.2122. A death cross could signify a downward correction, potentially bringing Hedera's price to previous lows ranging from $0.2112 to $0.2102.

Additionally, the current market sentiment indicates that HBAR is in overbought territory. The daily Relative Strength Index (RSI) reads 86.42, which suggests aggressive price increases but also warns of a possible pullback or correction. Hedera's Bull Bear Power (BBP) of 0.04590 indicates that while bullish momentum exists, it is not overwhelming against bearish pressure.

Top Updated Crypto News 10% Increase for OFFICIAL TRUMP: Could This Be the First Indicator of a Bullish Trend Reversal?