The post How Hedera [HBAR] bulls can capitalize on this pattern’s breach appeared on BitcoinEthereumNews.com.

After rebounding from the $0.06 support, HBAR broke out of its bearish pattern on the daily chart HBAR’s long/short ratio indicated a slight bullish edge Hedera’s [HBAR] recent reversal from the $0.06 support level set the stage for the bulls to end their bearish rally. As a result, the altcoin finally broke out of its bearish pattern. It saw a few green candles on its daily chart over the past week as it attempted to break above its near-term EMAs. Could the bulls provoke another rally from the $0.06 support level if the sellers cause a near-term pullback? At the time of writing, HBAR was trading at around $0.0722. Can HBAR buyers provoke a bull run? Source: TradingView, HBAR/USDT From a relatively long-term perspective, HBAR was on a consistent uptrend after jumping above its 200-day EMA (green) in October 2023. The altcoin kept marking higher troughs and highs and grew by over 164% in the next five months after that. However, after losing the crucial $0.09 resistance (then support) level on the daily chart, HBAR registered a steep downtrend. As a result, it fell by over 23% over the past month. After witnessing an increasingly bearish edge, it fell below its crucial 200-day EMA and formed a descending channel during this downtrend. The recent buying resurgence from the $0.06 support level helped the buyers break the streak of red candles. Bulls provoked a 20% rally in four days, but the 50-day EMA (yellow) remains a strong hurdle. Nonetheless, this resulted in a descending channel breakout, which can set the stage for buyers to provoke a near-term rally. Should the bears retest the $0.06 level again, buyers will likely provoke an uptrend and aim to cross above the near-term EMAs. In this case, buyers would look to test the $0.088 level…

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Filed under: News - @ July 20, 2024 11:16 pm