Fast-Recovering Hedera Coin Aims For Another 10% Jump; Buy Now?

On February 11th, the Hedera coin price escaped from a three-week-long consolidation phase with a breakout of $0.077 and $0.083 horizontal resistance. This breakout offers coin buyers some new support levels to bolster further growth. As of now, the altcoin goes through a retest phase by checking price sustainability above the breached resistances. Is this an entry signal?

Key Points:

• A bullish breakout from $0.083 resistance sets Hedera coin in a 10% rally 
• A lower price rejection candle at the $0.083 level indicates the buyers are defending the new reclaimed level.
• The intraday trading volume in the HBAR coin is $80 Million, indicating a 30% loss.

Source-Tradingview

The Hedera coin price has shown near perpendicular growth in the last one and a half months. As a result, the coin price registered 137% growth since January 1st and reached the current price of $0.087 mark.

The coin price breached multiple barriers during this rally and has most recently reclaimed the  $0.077 and $0.083 levels on February 11th. The massive breakout with a high volume surge indicates that buyers are aiming to chase even higher levels.

However, over the past four days, the coin price showed several short-body candles with long rejections attached to both ends. This candle structure indicates uncertainty among market participants. 

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Anyhow, after a sudden breakout, a short retest or correction phase is beneficial for coin holders as it validates sustainability at reclaimed levels. Thus, the interested trades can look for entry opportunities at $0.0836 or $0.077 flipped support.

If the buying pressure persists, the Hedera coin may drive a recovery rally to $0.0992, followed by the $0.11 mark.

On a contrary note, a bearish rejection from $0.0992 could encourage a minor consolidation phase

Technical Indicator

RSI: The daily RSI slope rising high into the bullish territory indicates the underlying bullish momentum is strong.

EMAs: THe 20-day EMA support continues to act as dynamic support to rising Hedera coin prices. The buyers can maintain a strong bullish scenario until this EMA is intact.

Hedera Coin Price Intraday Levels

• Spot rate: $0.0784
• Trend: Bullish
• Volatility: Low
• Resistance levels- $0.084 and $0.1
• Support levels- $0.074 and $0.063