An Upcoming Pullback Could Discount The Hedera Price By 7.8%; Buy Now?

HBAR COIN

Published 8 hours ago

With a 350% hike in volume spike, the Hedera(HBAR) challenged the $0.075 barrier. Moreover, the altcoin’s winning streak is moving to the six-day, and a successful breakout will intensify the bullish momentum. However, a minor pullback is expected to stabilize the rising price before the next bull cycle begins.

Key points from Hedera analysis:

  • The Hedera price is rising for the sixth consecutive day
  • The 20-day EMA flips into a viable support
  • The intraday trading volume in the Hedera coin is $112.3 Million, indicating a 371% gain.

Hedera ChartSource- Tradingview

The recent retracement in the crypto market plugged the Hedera price to its June-July bottom support of $0.058. However, as the prices approached this lower support, the technical reflected the formation of a falling wedge pattern in the daily time frame chart.

This bullish pattern emphasizes the sellers are unable to pull the price lower, and thus, a breakout from the resistance trendline will trigger the buy signal for traders.

Also read Here’s Why Hedera (HBAR) Prices Might Surge Ahead

Thus, on September 9th, the Hedera price gave a massive breakout from the patterns’ resistance trendline with a significant surge in volume activity. The post-retest rally showed the pattern’s breakout impact today, as the altcoin surged 10.3% higher.

If the daily candle closes above the $0.07 resistance, the accelerated bullish momentum will further accelerate the recovery rally. Thus, the breakout rally is expected to push the prices 10.5% higher to the $0.0775 ceiling.

However, the coin price faces supply pressure at the $0.07 psychological level and reverted prices with a long-tail rejection candle. If the selling pressure persists, the altcoin may witness a minor pullback to $0.0645 flipped support to resume a new recovery rally.

Technical Indicator

RSI indicator: the daily-RSI slope showcased a crossover above the neutral line, indicating the market sentiment has taken a positive switch.

Bollinger band indicator: A retest to the indicator’s upper band is usually followed by a minor correction. Thus, the recent jump and the Hedera coin price hits the upper band, supporting the pullback theory.

  • Resistance level- $0.07, and $0.077
  • Support level- $0.064 and $0.058

From the past 5 years I worked in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. reach out to me at brian(at)coingape.com

The presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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