An Upcoming Pullback Could Discount The Hedera Price By 7.8%; Buy Now?
With a 350% hike in volume spike, the Hedera(HBAR) challenged the $0.075 barrier. Moreover, the altcoin’s winning streak is moving to the six-day, and a successful breakout will intensify the bullish momentum. However, a minor pullback is expected to stabilize the rising price before the next bull cycle begins.
Key points from Hedera 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
The recent retracement in the crypto market plugged the Hedera price to its June-July bottom support of $0.058. However, as the prices approached this lower support, the technical reflected the formation of a falling wedge pattern in the daily time frame chart.
This bullish pattern accents the sellers are unable to pull the price lower, and thus, a breakout from the resistance trendline will trigger the buy signal for traders.
Also read Here’s Why Hedera (HBAR) Prices Might Surge Ahead
Thus, on September 9th, the Hedera price gave a massive breakout from the patterns’ resistance trendline with a significant surge in volume activity. The post-retest rally showed the pattern’s breakout impact today, as the altcoin surged 10.3% higher.
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.
However, the coin price faces supply pressure at the $0.07 psychological level and reverted prices with a long-tail rejection candle. If the selling pressure persists, the altcoin may witness a minor pullback to $0.0645 flipped support to resume a new recovery rally.
Technical Indicator
RSI indicator: the daily-RSI slope showcased a crossover above the neutral line, indicating the market sentiment has taken a positive switch.
Bollinger band indicator: A retest to the indicator’s upper band is usually followed by a minor correction. Thus, the recent jump and the Hedera coin price hits the upper band, supporting the pullback theory.
- Resistance level- $0.07, and $0.077
- Support level- $0.064 and $0.058
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