Hedera [HBAR]: A likely patterned breakout could offer 7% gains if BTC…

Please fol­low and like us:
Pin Share

Dis­claimer: The infor­ma­tion pre­sent­ed does not con­sti­tute finan­cial, invest­ment, trad­ing, or oth­er types of advice and is sole­ly the writer’s opinion

  • HBAR was in a neu­tral mar­ket position.
  • A pat­terned break­out to the upside could tar­get $0.0426.
  • A break below $0.0387 would give the bears more leverage.

Hed­era [HBAR] post­ed an impres­sive ral­ly over the past sev­en days. At press time, it was trad­ing at $0.0399 and seemed eager to break above $0.0400.

The cross­ing could hap­pen if BTC ris­es above $16,945. At press time, BTC faced rejec­tion at the above­men­tioned lev­el, which could make anoth­er HBAR move difficult.

How­ev­er, the tech­ni­cal indi­ca­tors on the 12-hour chart said otherwise.


Read Hed­era [HBAR] Price Pre­dic­tion 2023–24


Is a patterned breakout likely?

Source: HBAR/USDT on TradingView

HBAR has risen from $0.0365 to $0.0400, up about 10% in the last sev­en days.

The Rel­a­tive Strength Index (RSI) rose from over­sold ter­ri­to­ry and was slight­ly above the mid­point of 50 units. The On-Bal­ance Vol­ume (OBV) also record­ed high­er lows since the begin­ning of the year. This shows that buy­ing pres­sure increased with ris­ing trad­ing volume.

If trad­ing vol­umes increase, the bulls could bring about a pat­terned break­out with a tar­get of $0.0426. How­ev­er, there are still some obsta­cles to over­come along the way.

Alter­na­tive­ly, HBAR could pull back if RSI is reject­ed around the mid­point. A few rejec­tions around the mid­point in the past led to a price rever­sal, and a sim­i­lar trend could cause HBAR to a cor­rec­tion. A declin­ing BTC could accel­er­ate the price reversal.

Such a down­side move could force HBAR to retest or break sup­port at $0.0387, inval­i­dat­ing the bull­ish bias described above. More­over, HBAR has formed a bear­ish flag pat­tern that could tar­get $0.0344 on an extreme down­side breakout.


Are your hold­ings flash­ing green? Check the HBAR Prof­it Cal­cu­la­tor 


HBAR saw a massive development activity in the past week, but …

Source: San­ti­ment

Accord­ing to San­ti­ment, HBAR’s price con­sis­tent­ly fol­lowed devel­op­ment activ­i­ty. Devel­op­ment activ­i­ty increased steadi­ly last week, boost­ing investor con­fi­dence in the net­work, as reflect­ed in the improved weight­ed sen­ti­ment over the same period.

In addi­tion, demand for HBAR in the deriv­a­tives mar­ket improved as the Binance Fund­ing Rate for the HBAR/USDT pair improved over the same period.

How­ev­er, sen­ti­ment and the Binance Fund­ing Rate were neu­tral at press time, while devel­op­ment activ­i­ty was stag­nant. Investors should there­fore rely on BTC for HBAR’s next price direction.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *