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The cryptocurrency market took a hit over the past day, with the overall capitalization of all digital coins dropping by 3.60% to $1.38 trillion. While Bitcoin and Ethereum liquidations paint a gloomy picture for the marketplace, Hedera (HBAR) shows resilience, teasing a potential upside breakout.
Bitcoin lost around 3% within the last 24 hours to hover at $36,224 at press time. While altcoins mirror the leading crypto, HBAR stayed calm, maintaining uptrends. Positive ecosystem updates, including surged demand, keep the project afloat.
Hedera kick-started an uptrend after reversing from the foothold at $0.045. The improved mood in the broad market amidst exchange-traded funds optimism supported the latest bullish actions in the alt market.
HBAR’s price jumped over 30% within the previous month after printing a positive triangle setup in its 24-hour chart. Meanwhile, the latest dip to the 200-day Exponential Moving Average retested a bullish order block, which could trigger significant surges upon break.
The altcoin traded bullishly during this publication, changing hands at $0.06347. Its upswings over the previous day have formed a bullish engulfing candlestick.
Moreover, the increased intraday trading volume highlights the magnifying actions of HBAR bulls, supporting the breakout narrative.
The mentioned engulfing candlestick weakens higher price rejections. Thus, buyers sustaining their momentum might soon offer sidelined traders a breakout entry indicator.
Technical indicators support bullishness
The 24-hour Relative Strength Index maintains sideways movements, exhibiting massive volatility near the overbought region. That flashes bullishness despite shakeout possibilities. Moreover, the golden crossover by Exponential Moving Average shows increasing breakout strength for HBAR.
HBAR price forecast
HBAR’s golden crossover amidst increasing demand indicates amplifying bullishness for the alt. Further, triangle breakout possibilities support a breakout that might take Hedera prices to $0.075. Continued northward movements can see the token extending toward the $0.10 psychological level.
Nevertheless, buyers should ensure dominance to prevent price dips to $0.050. A plunge below this value area will dent the upside narrative (in the near term).
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