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The Hedera coin price is one of the few cryptocurrencies witnessing strong gains today. While the majority of the coins go south, the HBAR’s daily chart shows the buyers are making an escape from the last three-week consolidation through a $0.075 resistance breakout. Here’s how this range breakout may influence this coin’s future price.
Key Points:
- Multiple higher price rejection candle near the $0.075 resistance indicates a high supply zone.
- A potential bullish crossover between 20-and-200-day EMA may accelerate the underlying buying pressure.
- The intraday trading volume in the HBAR coin is $146.6 Million, indicating a 110% gain.
Source-Tradingview
After its parabolic in January 2023, the Hedera coin price went sideways below $0.075. Furthermore, as the crypto market showed signs of uncertainty, this consolidation phase limited growth for the past three weeks.
Thus, HBAR price resonated from $0.075 to the $0.0624 levels creating a fixed range-bound rally. Furthermore, on February 9th, the majority of major coins faced panic selling after the SEC charged the Kraken cryptocurrency exchange based on accusing the crypto exchange Kraken of violating securities laws through its staking-as-a-service program.
Thus, neglecting the growing negative sentiment in the market, the Hedera coin price jumps 8% today. With a long bullish candle and sufficient volume, the buyers show breakout attempts from the range resistance of $0.075.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
Anyhow, a daily candle closing above $0.075 is needed to confirm a breakout and offer entry opportunities for traders. Furthermore, the post-breakout rally may drive the HBAR price 10% up to hit the August 2022 peak of $0.084.
On a contrary note, if the coin price reverts back below the $0.075 level, the ongoing consolidation may extend for a few more sessions.
Technical Indicator
RSI: After a sharp drop, the daily RSI slope showing sustainability above the midline indicates market sentiment for this coin remains bullish.
EMAs: the rising 20-50-and-100-day EMA slope projects a strong recovery rally in the Hedera coin. Moreover, these slope coins offer significant support during occasional pullbacks.
Hedera Coin Price Intraday Levels
- Spot rate: $0.077
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.0845 and $0.1
- Support levels- $0.075 and $0.063
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
