HBAR climbs above $0.052 — can bulls extend recovery?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- HBAR posted gains of 6.1% over the past 24 hours to move past the $0.052 resistance level.
- Funding rates stayed positive, as buyers looked to extend price rebound.
Hedera [HBAR] continued its strong recovery from the $0.046 support by claiming another support level at the $0.052 price zone. The 6.1% gains over the past day spurred the bullish break above the resistance, as seen on the 12H timeframe.
How much are 1,10,100 HBARs worth today?
AMBCrypto’s earlier price analysis on 19 October projected a bounce from the $0.046 support with the price rebound validating this prediction. In the meantime, the crypto market’s bullish sentiment saw Bitcoin [BTC] hit $35k before a slight pullback to $34k, as of press time.
Can buyers push on for more gains?
Source: HBAR/USDT on Trading View
The Relative Strength Index (RSI) flashed strong bullish signs, as it touched the overbought zone. This suggested an increase in the buying demand with buyers looking to take advantage of the bullish momentum.
Likewise, the Chaikin Money Flow (CMF) remained positive with a reading of +0.13, hinting at good capital inflows.
As such, buyers could register further gains of 8-10% with take-profit levels between $0.057 to $0.059. Alternatively, sellers could force a quick retest of the new support level before a continuation of the bullish rebound.
Positive funding rate underlined bullish bias
Source: Coinalyze
Data from Coinalyze showed that the funding rate was positive on the four-hour timeframe. This revealed that longs were in the majority for the short-term.
Read Hedera’s [HBAR] Price Prediction 2023-24
Furthermore, the Open Interest continued to move higher, although it dipped slightly, as at the time of writing. Thus, buyers need to be wary of bearish price action which could halt or slow down the bullish rally.
