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.
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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