cryptoknowmics.com
HBAR coin price increases with bullish pressure insinuating a bullish breakout of the symmetrical triangle. Hence, a bull run can start soon.
Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications
Furthermore, the Hedera network becomes the sixth blockchain on which Circle supports USDC. Thus, increasing the buying pressure in the past 24 hours.
Let us now look at the detailed analysis of the Hedera cryptocurrency.
Past Performance of HBAR
HBAR coin price action forms a symmetrical triangle in the 4-hour chart. The 12.00 AM UTC candle breaks above the resistance trendline of the triangle. The breakout is coupled with increased buying volume. Due to the incorporation of USDC on the Hedera network.
Hence, we can see a bull run if the price action makes a follow-through candle in the next 4-hours.
Source - Tradingview
HBAR Technical Analysis
HBAR cryptocurrency is currently at $0.3777. as of the writing date. Additionally, the cryptocurrency has increased by 6.09% in the last 24 hours. Thus, indicating a rise in bullish powers. Furthermore, the market cap of the coin is $5.55 billion, increased by 5.30% in the past 24 hours.
As per the pivot points, the next prominent resistance levels are at $0.42 and $0.48. And, on the flip side, the support levels are at $0.36 and $0.30.
MACD and signal lines on the 4-hour chart rise above the zero line. Moreover, the lines generate a bullish crossover. Hence, the indicator gives a strong bullish signal for HBAR crypto.
The RSI indicator shows growth in underlying bullishness as the slope rises above the central line. Furthermore, the slope rises higher to approach the overbought region.
Upcoming Trend
As per the Hedera technical analysis, the situation is bullish for HBAR crypto. However, resisting the FOMO safe traders must wait till the price sustains above the resistance trendline. Upon successful follow-through, investors can observe a profitable entry spot.