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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.