Starting this week on a strong note, Hbar exploded massively and saw the most gains in the last 24 hours. As a result, it appeared super bullish on the daily chart, leading the altcoins rally today with a 70% increase. 

Coming from a major correction phase, Hbar found solid ground above $0.067 this month and recovered slightly above the $0.07 level. It remained calm for a while and gathered liquidity above that price level. 

Last week, it initiated a buy and increased suddenly to $0.09 as it closed that week on a strong note. It continued bullishly this week and initiated another massive surge yesterday, exploding to a high of $0.1817 today. 

That surge marked its highest volatile session since the price started to pick from the low of $0.0356 in late 2022. Meanwhile, it encountered resistance and lost grip above the $0.16 level that served as minor support (now resistance) over the past 24 hours. 

However, the price is currently sitting at a key support level of $0.14 that flipped as resistance during yesterday’s surge. We can expect a buyback from this support if the bulls regroup stronger. Otherwise, the price may drop further until it finds another support. 

Nevertheless, Hbar is still considered bullish on the daily timeframe. A push above the current daily high should bring more growth in the market in the long term. 

HBAR’s Key Level To Watch

Source: Tradingview

In case of more pullback, the $0.12 level is the closest support to keep in mind, followed by the $0.1 level. Losing this support may trigger more pullbacks to the $0.085 level. 

If a buyback occurs from the current trading level, the $0.16 resistance level could be reclaimed before passing through the current daily high of $0.181. The $0.20 level would be the next resistance to watch if a breakout occurs.

Key Resistance Levels: $0.16, $0.181, $0.20

Key Support Levels: $0.12, $0.1, $0.085

Spot Price: $0.14
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ramirezom/123RF // Image Effects by Colorcinch

 

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Filed under: Bitcoin - @ April 24, 2024 10:26 pm