HBAR Price Analysis: Will HBAR Give A Breakout For A 50% Hike?

Published by

Sohrab Khawas

October 26, 2023

As Bitcoin retreats from $35K, the buyers hold the uptrend above $34K and tease to prolong the uptrend with a new breakout. In a ripple effect, altcoins like the Hedera (HBAR) coin price take a bullish route to sharp recovery.

Moreover, the sentiments improve as the HBAR price trend reclaims major resistance levels and average lines. Further, the improving sentiments align with the positive HBAR price prediction and a potential target of $0.80.

Moving sideways under the $0.050 mark and the influence of the 50-day EMA, the HBAR price trend experienced high selling pressure last month. However, taking a double bottom reversal from the crucial support level of $0.045 leads to a smooth recovery.

Rising above the 50-day EMA and reclaiming the crucial psychological mark of $0.050, the uptrend continues to gain momentum. Further, the bull run challenges the 200-day EMA and prepares a positive trend within the triangle pattern.

Currently, the HBAR price trades at $0.05276 with an intraday growth of 0.62% as it sustains the breakout. Moreover, the ongoing recovery rally accounts for a price jump of 15.47% over the last week, creating 6 bullish candles out of the 7 days.

Technical indicator:

MACD indicator: The daily RSI line continues to rise in a sharp fashion to approach the overbought boundary as it crosses the halfway line.

EMAs: As the bull run approaches the 200-day EMA, the chances of a golden crossover are increasing drastically. Moreover, the golden crossover will improve the chances of a triangle breakout for Hedera.

Will HBAR Price Rise Above $0.050?

As the crypto market skyrockets and approaches 2021 high, buyers are more interested in altcoins. Being a key performer in the last bull run, the HBAR price may soon gain momentum to reclaim the lost levels.

As of now, the possibility of a positive trend within the triangle pattern is strong and may break above the resistance trendline. Therefore, the price trend may reach the $0.062 mark or the $0.080 mark (post-breakout).

However, if the prices fail to exceed the 200-day EMA, the HBAR price may drop to the $0.045 mark.

Sohrab Khawas

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.