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Hedera (HBAR) challenged the $0.075 barrier after a 350% spike in volume. A successful breakout will intensify the bullish momentum because the altcoin’s winning streak has reached six days. Before the next bull cycle begins, a minor pullback is expected to stabilize the rising price.
Key points from Hedera coin 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.
Source- Tradingview
Hedera’s price reached $0.058 in June-July’s bottom support during the recent crypto market retracement. The daily time frame chart showed a falling wedge pattern as the prices approached this lower support.
When the price breaks out of the resistance trendline, traders will receive a buy signal since sellers are unable to pull the price lower.
Consequently, on September 9th, the Hedera price broke through its resistance trendline with a significant surge in volume. As the altcoin surged 10.3% higher today following its post-retest rally, it showed the pattern’s breakout impact.
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.
As a result, the coin price has come under supply pressure at the psychological $0.07 level and has reverted prices after a long-tail rejection candle. This altcoin may experience a minor pullback to $0.0645 flipped support before resuming its recovery rally.
Technical Indicator
RSI indicator: RSI slopes are crossing above the neutral line on a daily basis, which indicates that market sentiment has shifted positively.
Bollinger band indicator: It is common for the indicator’s upper band to be retested followed by a minor correction. As a result, the recent jump in the price of the Hedera coin and the fact that it has hit the upper band supports the pullback theory.
- Resistance level- $0.07, and $0.077
- Support level- $0.064 and $0.058
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