As the 60% uptrend in Hedera (HBAR) crosses the 200-day EMA, the bulls challenge the $0.069 neckline for an extended rally to $0.10.
Despite Bitcoin’s pullback near the $88,200 mark, Hedera continues its bullish trend. In the past 24 hours, it has increased by nearly 14% and is currently trading at $0.068.
As its market cap crosses the $2.5 billion barrier, the altcoin shows promising upside potential. Will this bull run reach the $0.10 psychological mark? Let’s find out.
HBAR Price Analysis
HBAR’s price action has marked the end of a pullback phase, with a V-shaped reversal from the $0.04159 low. The bullish trend gained momentum with a Morning Star pattern on November 5, followed by a 10.92% surge. As of now, HBAR is trading at $0.068.
The reversal rally has broken through a long-standing resistance trend line, signaling a shift in market character. From its low of $0.041, HBAR has seen a nearly 64% surge.
The altcoin has also made an intraday gain of 5.07% and is now challenging the key resistance at the 38.20% Fibonacci level of $0.069. In addition, it has successfully surpassed the critical resistance level of $0.064, further increasing the likelihood of continued upward momentum.
With buying pressure continuing to rise, the 50-day, 100-day, and 200-day exponential moving averages (EMAs) are all shifting bullish. The 50-day EMA is poised to potentially cross above the 100-day EMA, signaling further strength.
Additionally, the MACD and signal lines are showing a strong bullish trend, with positive histograms supporting the upward momentum. Overall, technical indicators remain positive, suggesting that Hedera is positioned for continued gains.
Will HBAR Price Top $0.10?
A breakout above $0.069 will be a critical point for the Hedera price trend, marking a key entry level for price action traders.
If the uptrend continues, the next resistance levels, based on Fibonacci retracement, will likely be around $0.094 (68.10% level). This sets up the potential for HBAR to challenge the psychological $0.10 mark.
On the downside, key support levels to watch are $0.064 and $0.056.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
