The Hedera Hashgraph (HBAR) weekly chart illustrated a stunning rally, soaring from $0.05 to over $0.35, marking a 7X increase in value within a mere month. HBAR crypto looks prime for some more gains.
This sharp uptick pushed the price significantly above its long-term moving averages, as indicated by the bold departure from both the Bollinger Bands and the 20-day Simple Moving Average (SMA).
The Moving Average Convergence Divergence (MACD) confirmed the strong bullish momentum, with the MACD line surging above the signal line and the histogram displaying increasing bullish bars.
HBAR was trading around $0.35, challenging the upper limits of its recent price range. A consolidation at this level could serve as a launchpad for further gains.
The next major target for HBAR could be around $0.60, assuming the current momentum persists and the market conditions remain favorable.
Critical to this potential ascent will be maintaining the newfound support level around $0.35.
Should HBAR crypto successfully establish this base, the path to $0.60 would likely involve overcoming intermediate resistance levels, particularly around the $0.45 and $0.50 marks, which could act as psychological barriers for traders.
Overall, the indicators were favorable, but vigilance was warranted as volatility was high, and swift retracements were not uncommon in such rapid climbs.
Assessing Hedera’s Valuation…
Assessing the HBAR/BTC valuation illustrated a significant upward trend in HBAR relative to Bitcoin, especially noticeable since the start of November.
The chart showed HBAR price movements against BTC in various timeframes, highlighting a recent sharp rise.
After a prolonged downtrend where the HBAR/BTC ratio decreased, the pair began to recover, gaining substantially in the last month.
The value surged from historical lows around 0.0000026 BTC to peaks just above 0.0000080 BTC, reflecting a more than 200% increase in a short span.
The uptrend indicated recovery and growing investor confidence in HBAR compared to Bitcoin, particularly impressive given the general crypto market conditions.
The chart points to potential resistance near the 0.0000080 BTC level, a zone where past price action suggests a consolidation might occur before attempting further gains.
If HBAR sustains its current momentum and investor interest remains high, the next target could be the previous significant high zones around 0.0000100 BTC, setting a bullish outlook for HBAR in the short to medium term.
Short-Term Bubble Risk for HBAR Crypto
HBAR’s 7-fold increase within just a month on the weekly timeframe reflected a strong upward momentum against both USD and BTC valuations.
However, the HBAR Short Term Bubble Risk signaled caution, as it reached a value of 3.63, suggesting an imminent risk of a price correction or “bubble pop”.
The level often preceded market retractions, especially after such rapid price ascensions.
The bubble risk indicator, by measuring price deviation from a mean value, warned of potential volatility ahead.
The chart’s historical data presented a cyclical pattern of spikes in bubble risk, followed by price corrections.
With HBAR’s price now significantly above the historical mean, traders and investors could witness increased market activity, both buying and selling, as market participants react to potential overvaluation signals.
The current scenario indicated the need for careful market observation, particularly for those considering entry or exit strategies based on recent price movements in Hedera Hashgraph.
