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Sohrab Khawas
Sohrab Khawas
Author
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 07, 2023 07:16 UTC
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HBAR Price Analysis: Sellers Wake Up As HBAR Teases Breakout!
HBAR price trend showcases a sharp bullish surge to challenge the overhead resistance trendline.
Completing an upcycle in a triangle pattern, the HBAR prices reach at a crossroads.
A breakout rally can boost HBAR price to $0.075. Conversely, a reversal will retest $0.054.
As the overall market remains positive, certain altcoins take a hit as the momentum weakens eventually due to the lack of catalysts. Taking a bullish stand in such conditions, the HBAR price completes a positive cycle in a triangle pattern to reach the $0.063 mark.
However, the increased supply at the overhead trendline leads to higher price rejection and warns of a downtrend.
Rising with a surge in trading volume during the market recovery phase, the HBAR price has skyrocketed 30% in the last 20 days. Moreover, the price action showcases the bull run completing a cycle within a long-term triangle pattern.
However, with the strong supply incoming at the overhead resistance trendline, the daily candle forms a Doji. Marking an indecisive candle, the Doji often relates to a trend reversal from crucial support or resistance levels.
Currently trading at $0.059, the HBAR price showcases an intraday growth of 2.21% with a long wick formation. Increasing the chances of an evening star pattern, a down cycle within the triangle seems likely. However, the recovering market conditions can fuel the upcycle to drive a bullish breakout.
Technical indicator:
MACD indicator: The MACD and signal lines continue to sustain above bullish trend with a minimal gap, reflecting an uptrend in action. Moreover, the rising green histograms highlight a strong underlying momentum in HBAR price.
EMAs: As the gap decreases between the 50-day and 200-day EMA, the possibility of a golden crossover increases. Marking a bullish trend reversal, a golden crossover can increase the bullish trend momentum.
Will HBAR Price Rise Above $0.075?
As the HBAR price continues to gain momentum, the chances of a bullish revival for Hedera increase with a triangle breakout. Moreover, the buyers sustain the Uptober gains and continue to head higher, reflecting strong underlying demand.
Currently, the price struggles to rise above the overhead trendline and teases a negative turnaround. If the buyers fail to dominate, the market price can plunge to $0.050.
Optimistically, if the trend gives a bullish breakout, the uptrend can reach the $0.075 mark.
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