Hedera (HBAR) Sees Bullish Breakout, Escaping Descending Trendline
HBAR Coin endured price correction during most sessions in November. The downward action led to a 55% discount on the alt’s value. The crypto plunged towards the support at $0.218, where it gathered enough demand momentum for a bullish reversal. The V-shaped recovery is about 40% high from the lower footing and targets to surge past $0.5.
Vital technical points
- Hedera’s price regains the 200-day exponential moving average.
- The daily RSI rose beyond the neutral level (50)
- HBAR’s intraday trading volume stands at $302.4 million.
HBR/USD has had a descending trend-line leading the retracement phase by the alt. The correction saw long investors losing 55% as the price plunged toward the support mark at $0.219.
On 15 December, the crypto bounced off this support zone, catalyzing a bullish reversal. HBAR provided massive follow-up candlesticks that breached multiple significant resistance zone. For instance, the alt overpowered a resistance trend-line, horizontal resistance area ($0.3), and 200-day exponential moving average.
HBAR had its price crossing past the daily 200 exponential moving average recently. That way, it provided an impressive advantage for long investors. The Relative Strength Index (52) also dipped into the bullish region, indicating the ongoing upward rally.
HBAR/USD 4hr Chart
HBAR Coin offered a massive breakout from the resistance at $0.3, with a considerable trading volume spike. For now, the pair tries to sustain beyond this mark. That would also offer a lucrative entry opportunity. Hedera has its current price at $0.309, following an intraday surge of 0.35%.
According to the technical chart, HBAR has its nearest resistance level at $0.32, then $0.36. On the other hand, support levels stand at $0.3 and $0.266. Meanwhile, the MACD shows a positive picture with the Moving Average Convergence Divergence and signal line charging high towards the bullish territory.
Hedera’s road with fewer hurdles is the upward one. That’s after the alt experienced a bullish breakout and escaped a descending trend-line. While publishing this news, Hedera (ABAR) trades near $0.3113. Technicals support the bullish outlook by the crypto. Nevertheless, let us wait for what the up-and-coming trading sessions will have.
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