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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 13, 2024 09:05 UTC
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HBAR Price Rally Targets $0.1277 After Trendline Breakout
HBAR has broken out of a year-long resistance trend line, signaling the start of a new recovery rally.
Sustaining above this line, HBAR currently trades at $0.05842, with bulls targeting $0.095 and $0.1277.
The 23.60% Fibonacci level at $0.06606 and the 50-week SMA at $0.0786 act as immediate resistance levels.
With the altcoin rally gaining momentum in the crypto market, the recovery run in HBAR price teases a trend reversal. Crossing the $0.050 psychological mark, the uptrend in Hedera reveals a massive upside.
So, are you considering buying Hedera before the bullish wave? Before that, check out our latest HBAR price analysis for critical technical insights and crucial price levels.
Is Hedera Making a Comeback?
The recovery rally in HBAR prices has broken above the resistance trend line formed due to the pullback started earlier this year. As the broader market underwent a correction in HBAR, the prices fell from $0.1821 to the 52-week low price of $0.041.
The pullback phase accounted for a 77% drop in hedera market caps. However, with the 26% jump last week followed by a bullish continuation this week, Hedera is preparing for a new recovery rally.
The HBAR token is currently trading at $0.05842, maintaining above the resistance trend line in the weekly chart. However, the weekly candle shows higher price rejection from the 23.60% Fibonacci level and the 50-day SMA.
The Fibonacci level is priced at $0.06606, and the 50-week SMA stands at $0.0786. Further, the recovery rally results in a positive MACD and Signal lines crossover.
In the daily chart, the intraday pullback of 10.30% comes as a retest of the broken trendline and the 50-day, 100-day SMA merger.
Will HBAR Price Sustain Above $0.050?
As the broader market recovers, a post-retest reversal in HBAR is likely to prolong the bullish rally. Using the Fibonacci levels in the weekly chart, the upside price targets for Hedera stand at $0.095 and $0.1277.
These price targets are derived from the 38.20% and 50% Fibonacci levels. On the flip side, the crucial support for hedera stands at $0.050 and $0.042.
Will the uptrend in HBAR reach $0.10? Find out now in Coinpedia’s latest HBAR price prediction.
FAQs
The next price targets for HBAR are $0.095 (38.20% Fibonacci level) and $0.1277 (50% Fibonacci level), based on weekly chart analysis.
Key support levels are $0.050 and the 52-week low of $0.041.
Immediate resistances are $0.06606 (23.60% Fibonacci level) and $0.0786 (50-week SMA). A breakout above these levels will confirm further bullish momentum.
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