HBAR Price Analysis: Double-digit Gain pushed Prices out of Consolidation
The ongoing rally with increasing volume activity indicates sustained recovery in Hedera (HBAR) price. In addition, this run-up breached the $0.075 neckline resistance of the inverted head and shoulder pattern, offering further growth opportunities for coin holders.
Key points:
- The Inverted head and shoulder pattern breakout hints at trend reversal for HBAR
- The daily-ADX slope turning up indicates growth in bullish momentum
- The intraday trading volume in the Hedera coin is $72.7 Million, indicating a 31.92% gain.
Source- Tradingview
Following June’s first-half downfall, the HBAR/USDT pair obtained suitable support at $0.058. This foothold allowed buyers to stall the prevailing sell-off and began an accommodation phase. Thus, the altcoin kept wobbling for nearly five weeks between the $0.075 and $0.058 barriers.
Anyhow, within this consolidation phase, the HBAR price action has formed an inverted head and shoulder pattern. Amid the improving sentiment of market participants, the HBAR price has jumped 20% from the right shoulder support of $0.064.
Moreover, this recovery rally provides a decisive breakout from the $0.075 neckline resistance, indicating a growth opportunity for coin holders. Therefore, if the bullish momentum sustains, the HBAR price should give a candle closing above this level.
Furthermore, the coin price may retrace to validate its new flipped support. In addition, the post-retest rally may rise another 26.8% to the $0.1 psychological mark.
On a contrary note, if the buyers failed to sustain above the $0.075 mark, a possible breakdown could plunge the altcoin back to $0.064 or $0.058 and extend the range rally.
Technical Indicator
EMAs: with the recent jump, the HBAR price breached the dynamic resistance of 20-and-50-day EMA. Thus, these EMAs must be flipped into viable support and bolster the potential bull run.
RSI: the daily-RSI slope has shown a constant rally throughout the consolidation phase, indicating growth in underlying bullishness. This evident divergence encourages buyers’ to complete this bullish reversal pattern.
- Resistance levels- $0.083, and $0.1
- Support levels- $0.075 and $0.064
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