HBAR Technical Analysis: Uptrend Roars With Overnight Reversal
Table of contents
Key technical points:
Past Performance of HBAR
HBAR coin price trades at $0.2584 with a price jump of 16.43% in the last 24 hours resulting in the successful retest of the falling wedge pattern. The breakout of the pattern was mentioned in our previous article, and its retest brings another buying opportunity. Moreover, the rising trend breaks above the 50-day EMA and the $0.25 mark.
Source-Tradingview
HBAR Technical Analysis
The HBAR coin price delivers a V-shaped reversal from the $0.22 level and the busted resistance trendline. Hence, the odds of the upcoming rally breaking above the $0.30 mark are significantly increasing.
The Hedera coin prices break above the crucial 50-day EMAs as the other EMAs maintain a bearish alignment in the daily chart. Hence, the breakout of the 50-day average displays the possibility of a price jump to the 200-day EMA.
The MACD Indicator shows a sudden reversal in the last line with a jump in the bullish histograms to avoid the bearish crossover. Hence, the fast and slow lines maintain growth to reach zero line.
The RSI indicator indicates a jump in the bullish trend momentum, as the slope spikes above the 14-day average and the 50% mark. Hence, the slope within the nearly overbought territory showcases the possibility of a bull run.
In a nutshell, the technical indicators support the price action and indicate the possibility of bulls running to the next resistance level.
Upcoming Trend
The HBAR coin price gains bullish momentum with the successful retest of the falling wedge pattern. Hence, the upcoming trend of the Hedera token seems to be extraordinarily bullish and break above multiple resistance levels.
Support Levels:$0.22 and $0.20
Resistance Levels: $0.30 and $0.35