Hedera Coin Out From Long-Consolidation Aims At 10% Upswing; Enter now?

Amid the recent uncertainty in the crypto market, the Hedera coin experienced a brief period of consolidation where it revealed the formation of a double bottom pattern. This pattern is one of the famous bullish reversal patterns where double bounced back from the same level indicating the strong accumulation of buyers. The HBAR price has recently breached the neckline resistance of this pattern offering entry opportunities to interested traders.

Key Points:

• A bullish breakout from $0.074 resistance sets Hedera coin in a 10% rise
• A potential bullish crossover between 20-and-200-day EMA encourages buyers for prolonging recovery
• The intraday trading volume in the HBAR coin is $180 Million, indicating a 358.5% gain.

Source-Tradingview

After witnessing an explosive rally in the first three weeks of 2023, the Hedera coin price reached the September 2022 top of $0.0774. However, as the overall crypto market struggled with uncertainty, the HBAR turned the direction of the trend sideways.

Thus, over the past two weeks, the coin price resonated between two fixed levels of $0.0774- $0.0625 and created a consolidation phase. Anyhow, after such rapid growth, this consolidation phase was important for the Hedera coin as it also validated the price’s sustainability above the new reclaimed levels.

Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023

Thus, under the influence of a double bottom pattern, the HBAR price gave a bullish from the $0.0774 neckline resistance on February 7th. This breakout signs the resumption of an uptrend by offering buyers another higher support level.

Therefore, the traders entering this breakout could expect an early target of 10%, where prices revisit the August 2022 peak resistance of $0.0842

Technical Indicator

MACD: A potential bullish crossover between the MACD(blue) and the signal(orange) line would offer additional confirmation for price recovery.

EMAs: The 20-day EMA support is providing dynamic support to rising HBAR. Therefore, the coin holder could expect a strong rally until this support 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