As investor confidence strengthens, Hedera Hashgraph (HBAR) is witnessing increased demand, signaling the potential for further price appreciation. The altcoin’s latest price movements suggest a bullish breakout, raising expectations for a sustained rally.
HBAR’s Breakout Above the 20-Day EMA
HBAR’s attempt to surge past its 20-day exponential moving average (EMA) underscores growing bullish sentiment. The 20-day EMA, a key technical indicator, tracks an asset’s average price over the last 20 trading days, with greater emphasis on recent data. When an asset moves above this level, it often signals a shift from bearish to bullish momentum.
Currently, HBAR’s price action suggests strong buying pressure, which, if sustained, could lead to further gains. A successful breakout would reinforce positive market sentiment, increasing the likelihood of an extended upward trend.
Golden Cross Formation Confirms Bullish Momentum
Adding to the optimism, a golden cross has formed on HBAR’s Moving Average Convergence Divergence (MACD) indicator. The MACD line (blue) crossing above the signal line (orange) is a classic bullish signal, indicating a potential trend reversal in favor of buyers.
This development suggests that HBAR could enter a sustained rally if broader market conditions remain supportive. Increased trading volume and strong investor accumulation could further propel the token’s price upward.
HBAR Faces a Critical Resistance Test
The next major resistance level for HBAR stands at $0.24, a 26% increase from its current value. If bullish momentum continues, the token could test this level, potentially leading to further gains.
However, profit-taking by traders could invalidate this bullish outlook. If sellers dominate, HBAR risks reversing toward $0.16, marking a key support level for the altcoin.
Also Read: Hedera (HBAR) DeFi Surges 194% in TVL as Price Soars 367% – Is More Growth Ahead?
HBAR’s recent price action signals growing investor confidence, with bullish indicators supporting a potential rally. The next few trading sessions will be crucial in determining whether the token sustains its breakout or faces a retracement due to profit-taking. Traders should closely monitor key resistance and support levels as HBAR navigates this pivotal moment.
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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