Hedera Price Breakout from Key Resistance Sets a 26% Rally

Hedera Price Breakout from Key Resistance Sets a 26% Rally

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In recent months, Hedera Coin (HBAR) has captured the attention of crypto enthusiasts embarking on a remarkable upward trajectory amid growing uncertainty in the market. This captivating rally has been supported by a robust rising wedge pattern that has a strict influence on market participants. The HBAR price journey over the past two months shows a consistent and gradual ascent that reflects the power of a rising pattern. Here’s how this pattern could further bolster the price rally.

Also Read: FedNow Adds Hedera Hashgraph’s Partner As Service Provider, HBAR Price Soars 15%

Hedera Daily Chart: Key Points

  • A bullish breakout from the overhead trendline bolsters Hedera price for a 26% rally
  • A bullish crossover between 50-and-100-day EMA encourages buyers for extending the recovery rally
  • The intraday trading volume in the HBAR coin is $217.5 Million, indicating a 1227% gain.

Hedera PriceSource-Tradingview

Amidst its high momentum rally, the HBAR price received another boost with a 14.5% intraday rally. This bullish breakout breached the upper trendline of the rising wedge pattern. This breakout may set the stage for higher against as the buyers obtain a new footing to sustain a bullish trend.

As the trading day unfolds, the market particularly must keep a watch on the closing of the daily candle. Should the candle close above the breached resistance, a surge in buying pressure will bolster the Hedera price for an even higher rally. 

The post-breakout rally could propel the price upwards by an impressive 26% to reach a coveted $0.83 mark.

Is HBAR Still Under Correction Threat?

While the bullish scenario paints a compelling picture, it’s crucial to consider the potential for a counter-move. If the sellers stage a late-day comeback and manage to push the price below the breached trendline, HBAR price might experience a minor pullback of 15% to retest the lower trendline of the wedge pattern.

  • Average Directional Index: The daily ADX slope at 33% reflects the uptrend reaching maturity and therefore, the potential buyers must reclaim cautions.
  • Bollinger Band: The rising price challenging the upper ceiling of the Bollinger Band indicator indicates the higher momentum of buying.

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From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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.


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