Hedera’s native cryptocurrency, HBAR, is showing signs of a strong bullish reversal, with recent price movements signaling the potential for a run toward its all-time high of $0.57, last achieved in 2021. After a period of consolidation, HBAR has surged 27% over the past week, breaking free from its previous rangebound trading pattern. With growing buying pressure, the token is now eyeing a significant price rally that could take it back to its previous highs.
Hedera Bulls Driving Momentum
Over the past month, HBAR had been trapped within a trading range, finding resistance at $0.33 and support at $0.26. However, the recent breakout to $0.35 indicates a shift in market sentiment. Trading above its 20-day exponential moving average (EMA), HBAR signals bullish momentum. The 20-day EMA, a key short-term trend indicator, reveals that the token is currently riding an upward trajectory, with buyers firmly in control. This price movement suggests that HBAR is likely to continue climbing in the near term.
MACD Indicator Confirms Bullish Outlook
The Moving Average Convergence Divergence (MACD) indicator further supports the bullish outlook for HBAR. The MACD line (blue) is currently positioned above the signal line (orange), confirming that buying activity is outpacing selling pressure. This setup hints at the possibility of a prolonged rally as market participants show increasing confidence in Hedera’s future prospects.
HBAR Price Prediction: Aiming for $0.57 ATH
Given the sustained demand for HBAR, the altcoin could soon test key resistance levels, with the $0.44 mark being the first major hurdle. A successful breach of this level could pave the way for HBAR to revisit its all-time high of $0.57. However, if buying activity wanes and momentum slows, HBAR’s price could retreat back to its previous range, hovering around $0.30. As the market continues to evolve, HBAR’s performance will be closely watched by traders and investors alike.
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.
Also Read: Hedera (HBAR) Surges 31%, Eyes New ATH as Market Cap Soars Above $14B
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