With the prolonged uptrend continuation in a rising channel, the HBAR prices skyrocket above the $0.080 mark. Furthermore, the reversal rally jumps 48% in the last five weeks resulting in the break out of the 50-day EMA. But will the uptrend break above the resistance trendline or a bear cycle leading to a retracement to the support in line is inevitable?
Key points:
- The bullish crossover of the 20-and-50-day EMA will fuel the uptrend above the channel.
- The HBAR prices are sustaining above the 50-day EMA
- The intraday trading volume in the Hedera coin is $42.4 Million, indicating a 14.7% gain.
Source- Tradingview
With a bullish reversal from $0.059, the HBAR prices avoided a drop to the psychological mark of $0.050. The buyers overtook the trend control with a double bottom breakout with the neckline at $0.070.
However, the price action later shapeshifted into a rising channel pattern in the daily chart resulting in a bull run above the 20-and-50-day EMA. The recent bullish reversal from the pattern’s support trendline registers a 14% jump. Furthermore. the HBAR price currently trading at of $0.0824 level
As prices approaches the resistance trendline, the higher price rejection becomes evident in the daily candles by long wick formations. Hence the possibility of a bear cycle continuing within the rising channel increases significantly.
Therefore in case, the market price retraces to the support trend line, traders can expect a 7.5% fall in the HBAR price.
However, in case the buying pressure breaks the resistance trendline, the unleashed bullish momentum will fuel the uptrend to reach the psychological mark of $0.10.
Technical Indicator
Vortex indicator: The Increasing bully spread between the VI lines increases the possibility of a prolonged uptrend within a rising channel pattern. Hence despite the increasing possibility of a bear cycle, traders can expect the market price to reverse from the support trend line.
EMAs: Moreover, as the market prices since about the 50-day exponential moving average, the possibility of a bullish crossover between the 20 and 50-day EMA increases.
- Resistance level- $33.4 $43.5
Support levels- $24.1 and $21.61
The presented content may include the personal opinion of the author and is subject to market condition. 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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