Hedera Hashgraph (HBAR) has recently shown notable gains, sparking excitement among investors and traders. After a minor retracement earlier this month, HBAR bounced off a key support level, reigniting bullish sentiment. But with the $0.331 resistance level still holding strong, the question remains: what’s next for this token?
HBAR Targets $0.4 and Beyond
On December 24, HBAR saw an impressive 13.26% price jump, but the cryptocurrency market remains cautious. Despite this surge, HBAR has yet to break the $0.331 resistance, and the chart still shows a lower high, indicating that a full breakout hasn’t occurred. However, when looking at the bigger picture, there are strong indicators pointing toward a bullish trend for HBAR.
The Fibonacci retracement levels reveal that the $0.255 support zone acted as a 50% retracement, with a solid bounce from this level, signaling strong demand. The On-Balance Volume (OBV) is steadily rising, confirming increased buying interest. Additionally, the Relative Strength Index (RSI) recently bounced from the neutral 50 level, reinforcing the positive momentum.
Potential for Volatility Amid Order Imbalance
Breaking the $0.331 resistance could unlock a path to higher price targets, potentially pushing HBAR to $0.457, $0.49, or even $0.563 in the coming weeks. However, Bitcoin’s price movements will likely play a significant role in determining HBAR’s trajectory. A sharp dip in Bitcoin could negatively impact HBAR’s performance.
An order imbalance has emerged between $0.305 and $0.308, with a cluster of buy orders forming in this range. This could trigger a temporary dip, with HBAR revisiting that price range before moving higher. While recent buying interest remains strong, traders should remain cautious of potential volatility as market dynamics shift.
Conclusion: HBAR’s Bullish Outlook Depends on Key Resistance Break
HBAR has shown considerable strength recently, and if it breaks key resistance levels, it could rise past the $0.4 mark. With strong demand at lower levels and bullish on-chain data, the outlook for HBAR remains optimistic. However, traders should be mindful of market volatility, particularly Bitcoin’s influence on price movements.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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