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- 1 The Hedera crypto surpassed the 20-Day EMA and continued to thrust higher on Monday.
- 2 The HBAR price was trading close to $0.121, recording a significant intraday development of 4.15%.
The Hedera crypto extended gains on the third consecutive day, trading near the weekly highs. The bulls have added over 4.15% intraday and might show more gains by the end of the session.
The daily chart shows that the HBAR price retraced the 50-Day exponential moving average and surged higher. The bulls established themselves near the 50-Day EMA and $0.099 level after which the price took a rebound.
The long term trend favors the bullish side as the crypto is headed northwards, forming lower highs and higher highers. The short term trend seemed to be weakening after the recent price drop. However, the heavy buying volume inflow from the lower levels triggered a trend reversal and the crypto resumed its way to conquer highs again.
Hedera Crypto Development Activity
Moreover, the Hedera development activity chart highlights healthy developer activity over a weekly interval as the developer’s activity contributor’s commit count is also changing over time. The developer’s activity and commit count have exhibited sustained growth in the span of the last six months over HBAR crypto, according to Santiment.
Hedera Price Social Dominance Insights!
The social dominance including Twitter followers, news, and social volume (including active users of Telegram and Twitter), shows a positive trajectory in HBAR increasing and highlights that its popularity has increased and social dominance highlights good activity in HBAR, this correlated with price highlights possibility for further upward momentum.
Hedera Crypto Technical Analysis
At the time of writing, the relative strength index (RSI) indicator was placed at 56.76 points and that of the 14-Day simple moving average line was placed close to the mean line at 50.48 points. Both the lines have made a bullish crossover and are hovering above the mean line suggesting a positive outlook in the short term.
Also, the HBAR price has bounced back after retracing the 50-Day EMA indicating the presence of bulls at the lower levels. The price has surpassed the 20-Day EMA suggesting a strong short term outlook.
Hedera Crypto Price Prediction April 2024
The price prediction for April 2024 shows that hedera crypto may advance to a high of $0.161 suggesting an upside potential of nearly 32.51%. Whereas, the less optimistic analysts estimate a price to drop near the recent support of $0.099 which is the recent demand zone.
Conclusion.
The Hedera Crypto is on a three-day winning streak and has rebounded from the dynamic support of 50-Day EMA. The bulls established themselves near the previous demand zone of $0.099 and the price reversed its course towards the higher side.
On the higher side, the $0.135 level is the recent swing high and may act as a hurdle for the buy side traders. Any sustained move above the $0.135 level may unlock price potential towards the higher supply levels of $0.148 and $0.161.
Technical levels:
- Support Levels: $0.099 and $0.0855
- Resistance Levels: $0.135 and $0.148
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
