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- HBAR crypto prices recovered 32% from the recent low at $0.0356 and formed higher highs for the 7 consecutive days.
- Hedera price breakout 50 day EMA hurdle and formed bullish engulfing candle on a weekly basis.
Hedera crypto price is trading with mild bullish cues and bulls are trying to hold the prices above the 50 day EMA to show the buyers presence at lower levels. According to Coinglass, HBAR long and short ratio stands at 1.03 which also confirms the bullish sentiment. Currently, The pair of HBAR/USDT is trading at $0.0465 with the intraday gains of 1.53% and 24 hour volume to market ratio stood at 0.0258
HBAR price shows a surprising recovery
On a daily time frame, HBAR prices had shown surprising recovery from the recent low at $0.0356 and continuing its upward momentum. In the month of November HBAR prices had consolidated in the narrow range between $0.0430 to $0.0511 with a bearish bias but unfortunately in the mid of December bears took the control and drag the prices below the lower range which triggers negative sentiment and HBAR price hit a fresh low at $0.0356 but surprisingly responsive buyers came forward and showed some signs of bullish trend reversal.
Recently, HBAR bulls are able to break out of the swing high resistance and the 50 day EMA(yellow line) hurdle indicates the confidence of bulls at lower levels but it will be not easy for bulls to break out of the upcoming hurdles at $0.0511 and $0.0653. The green volume bars keep on diminishing indicates the buyers are lacking momentum but the MACD line has generated positive crossover and rising histogram bars are favoring the bulls. Meanwhile, the RSI at 65 sloping upwards denotes more room for upside price movement is open.
The HBAR technicals are improving and buyers are gaining confidence for the crypto investment but the consecutive 7 days bullish price movement freshen up the doubts of bull trap formation which the investors had suffered earlier. However, if prices triggered selloff from the higher levels the $0.0356 will act as a support level for bullish investors.
Summary
The Hedera crypto price is reversing upwards with a positive momentum but it will be difficult for bulls to break out of the upcoming hurdles due strong presence of bears at higher levels. The technical analysis suggests that prices are correctly valued and buyers are showing interest to accumulate HBAR at lower levels. Therefore, traders might look for buying opportunities for the target of $0.0600 and above by keeping $0.0380 as SL. However if prices dropped below $0.0356 bears may try to drag the prices further down.
Technical levels
Resistance levels : $0.0511 and $0.0653
Support levels : $0.0356 and $0.0300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
