HBAR’s next rally – Can the altcoin push past $0.188 on the charts
The post HBAR’s next rally – Can the altcoin push past $0.188 on the charts appeared on BitcoinEthereumNews.com.
HBAR’s breakout from the descending channel signaled a potential trend reversal and golden cross Rising social dominance and Open Interest alluded to market confidence At the time of writing Hedera [HBAR] was trading at $0.1703, up 14.60% in the last 24 hours, with a remarkable 234% hike in trading volume to $1.63 billion. This surge followed a significant breakout from a descending channel and the formation of a golden cross – Both bullish indicators. With HBAR nearing a key resistance at $0.188, traders are asking – Can it break through this level and trigger a rally towards $0.27? Breaking the downtrend – Is HBAR ready for more? HBAR’s chart revealed a clear breakout from a long-standing descending channel, signaling a potential shift in market sentiment. After months of downtrend, this move indicated that HBAR could be reversing its bearish trajectory. The breakout is particularly significant, especially as it aligns with the formation of a golden cross – A well-known bullish pattern. Therefore, the next key challenge is the resistance at $0.188. A breakout here could confirm a trend reversal and pave the way for further gains towards 0.27. Source: TradingView Are technical indicators confirming the bullish trend? HBAR’s technical indicators highlighted additional confidence in the bullish move. The Relative Strength Index (RSI), for instance, had a reading of 72.47 at press time, indicating that HBAR was in overbought territory. While this suggested strong buying pressure, it also meant the market could face a slight pullback. However, as long as the RSI stays above 70, HBAR can maintain its upward momentum. Additionally, the Moving Average Convergence Divergence (MACD) was positive, with a value of 0.00327 – A sign of sustained bullish sentiment. Simply put, technical indicators indicated that HBAR’s momentum could persist as long as these conditions hold. Source: TradingView Social…
Filed under: News - @ November 30, 2024 1:19 pm