Hedera Price Breakout from Key Resistance Sets a 26% Rally

In recent months, Hedera Coin (HBAR) has captured the attention of crypto enthusiasts embarking on a remarkable upward trajectory amid growing uncertainty in the market. This captivating rally has been supported by a robust rising wedge pattern that has a strict influence on market participants. The HBAR price journey over the past two months shows a consistent and gradual ascent that reflects the power of a rising pattern. Here’s how this pattern could further bolster the price rally.

Also Read: FedNow Adds Hedera Hashgraph’s Partner As Service Provider, HBAR Price Soars 15%

Hedera Daily Chart: Key Points

• A bullish breakout from the overhead trendline bolsters Hedera price for a 26% rally
• A bullish crossover between 50-and-100-day EMA encourages buyers for extending the recovery rally
• The intraday trading volume in the HBAR coin is $217.5 Million, indicating a 1227% gain.

Source-Tradingview

Amidst its high momentum rally, the HBAR price received another boost with a 14.5% intraday rally. This bullish breakout breached the upper trendline of the rising wedge pattern. This breakout may set the stage for higher against as the buyers obtain a new footing to sustain a bullish trend.

As the trading day unfolds, the market particularly must keep a watch on the closing of the daily candle. Should the candle close above the breached resistance, a surge in buying pressure will bolster the Hedera price for an even higher rally. 

The post-breakout rally could propel the price upwards by an impressive 26% to reach a coveted $0.83 mark.

Is HBAR Still Under Correction Threat?

While the bullish scenario paints a compelling picture, it’s crucial to consider the potential for a counter-move. If the sellers stage a late-day comeback and manage to push the price below the breached trendline, HBAR price might experience a minor pullback of 15% to retest the lower trendline of the wedge pattern.

• Average Directional Index: The daily ADX slope at 33% reflects the uptrend reaching maturity and therefore, the potential buyers must reclaim cautions.
• Bollinger Band: The rising price challenging the upper ceiling of the Bollinger Band indicator indicates the higher momentum of buying.