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Vikram
Aug 12, 2022
by Vikram

HBAR Technical Analysis: Will This SMA Breakout Result In A Bull Run?

HBAR Technical Analysis

Table of contents

  1. HBAR Technical Analysis
  2. Upcoming Trend
The HBAR price chart shows an increase in trend momentum as it takes a bullish turnaround to challenge the 100-day SMA. Will the market price exceed $0.085?

Key Technical Points:

  • The Hedera (HBAR) price has increased by 40% in the last month.

  • The bullish reversal forms a rounding bottom pattern with a neckline at $0.085.

  • With a market cap of $1.70 billion, the intraday trading volume of Hedera has increased by 26% over the last 24 hours to reach $50.22 million.

    • Past Performance of HBAR

    The Hedera (HBAR) price trend avoided a drop to the psychological mark of $0.050 during the correction, thanks to the bullish reversal from $0.059. The reversal rally rises above the 50-day SMA to challenge the overhead resistance confluence of the 100-day SMA near $0.085. The bullish reversal rally currently accounts for a price jump of 40% over the last month and a double bottom breakout.

    TradingView Chart

    Source - Tradingview

    HBAR Technical Analysis

    The HBAR technical chart shows a spike in the volume indicator supporting the engulfing candle and increasing breakout possibility. Moreover, the traders can expect the bullish breakout rally to reach $0.10. As Hedera's market price challenges the 100-day SMA, the breakout rally will result in a bull run above the $0.085 mark.

    The daily-RSI slope displays a lateral trend with a bullish inclination in the nearly overbought zone reflecting a stronger bullish side. Moreover, the MACD indicator shows a rising trend in the fast and slow lines with a constant bullish gap. Hence the technical indicators maintain an overall positive outlook for the upcoming trend.

    In a nutshell, the HBAR technical analysis forecasts a bullish breakout of the 100-day SMA.

    Upcoming Trend

    If the HBAR price exceeds the 100-day average, a potential bull run exceeding $0.085 will test the psychological resistance of $0.10.

    However, a bearish reversal may take support at the 50-day SMA at $0.070.

    Resistance Levels: $0.085 and $0.10

    Support Levels: $0.80 and $0.70

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    HBAR Technical Analysis: Will This SMA Breakout Result In A Bull Run?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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