Hedera (HBAR) has gained momentum, climbing 60% in recent weeks and crossing its 200-day EMA. Currently trading at $0.068, the bulls are now testing the crucial $0.069 resistance, aiming for a rally toward the $0.10 mark.
HBAR Continues Bullish Momentum Despite Bitcoin Pullback
Despite Bitcoin’s recent dip near $88,200, HBAR remains strong, increasing by 14% in the past 24 hours. With a market cap surpassing $2.5 billion, the altcoin shows promising signs of further growth. Can this bullish trend push HBAR to its psychological target of $0.10?
HBAR Price Analysis: Uptrend Gathers Strength
HBAR’s price has rebounded from a low of $0.04159 with a sharp V-shaped reversal. The trend gained traction following a Morning Star pattern on November 5, sparking a 10.92% surge. HBAR is now trading at $0.068, showing clear signs of a bullish reversal.
The rally has also broken through a significant resistance trend line, indicating a change in market dynamics. From its recent low, HBAR has climbed 64%, surpassing the key resistance level of $0.064 and now challenging the 38.20% Fibonacci retracement level at $0.069.
Technical Indicators Signal Bullish Continuation
With rising buying pressure, the 50-day, 100-day, and 200-day EMAs have all turned bullish. The 50-day EMA is on track to cross above the 100-day EMA, suggesting a continuation of the uptrend.
In addition, the MACD indicator shows a strong bullish crossover, with positive histograms supporting the upward momentum. These technical signals suggest HBAR is well-positioned for further gains.
Will HBAR Price Hit $0.10?
A decisive breakout above $0.069 would open the door for HBAR to climb higher. The next resistance level, according to Fibonacci retracement, lies around $0.094 (68.10% level). If this rally continues, HBAR could challenge the $0.10 psychological mark, a key target for traders.
On the downside, crucial support levels are at $0.064 and $0.056. A drop below these could signal a potential pullback, but for now, the bullish indicators remain strong.
