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Will the parabolic rally in Hedera (HBAR) continue to surpass the $0.20 psychological mark?
With the Bitcoin price back in action and surpassing the $96,000 mark, altcoins are heating up again. One of the top-performing altcoins is Hedera, which surged in price by 7.12% in 24 hours.
It has risen nearly 15% for the past week and is inching closer to the $6 billion market cap. Will Hedera witness a parabolic recovery run as it moves to surpass the $0.15 psychological mark? Let’s take a closer look.
Hedera Price Analysis
In the weekly chart, the HBAR price trend showcases a sudden bullish reversal. Three consecutive bullish candles account for a price jump of more than 250% from the bottom of $0.041 to the current market price of $0.15.
Based on the Fibonacci levels in the weekly chart, Hedera has surpassed the 50% Fibonacci level and has broken a long-coming resistance trend line. The MACD indicators have given a positive crossover and have skyrocketed with skyscraping bullish histograms.
Furthermore, the 50- and 100-week EMAs are ready for a positive crossover, reflecting a trend reversal.
In the 4-hour chart, the Hedera recovery rally creates a rising channel after a parabolic recovery, creating an extremely bullish pattern. Using trend-based Fibonacci levels, the rising trend is approaching the 23.6% level and is heading towards the immediate price resistance at $0.16237.
Moreover, Hedera has been consistently supported by the 50, 100, and 200 EMAs on the 4-hour chart, all of which maintain a positive alignment. The MACD and signal lines have also given a new positive crossover as Hedera’s price bounces off the support trendline.
HBAR Targets $0.20 Breakout
Based on the current price trend, the bull run is preparing a channel breakout to target the $0.197 and $0.230 levels. Hence, the Hedera price trend shows massive upside potential.
Conversely, a bullish turnaround from the 23.60% Fibonacci level will keep the bull run under check. Further, it might potentially retest the $0.1186.