- Hedera is trading at $0.26, marking a surge of over 12%.
- HBAR’s trading volume has jumped by more than 62%.
The 1.81% spike in the crypto market has brought in a bullish wave across the assets. Their prices lit up the green candlesticks, with an attempt to reclaim the recent highs. Notably, BTC and ETH have also modestly gained. Turning toward the altcoins, Hedera (HBAR) has posted a surge of over 12.17%.
HBAR traded at a bottom level of $0.2349 in the early hours. Eventually, the asset chose to trade on the upside, with the support of the bulls, climbing to a high range of $0.2701. The sustained bullish pressure has provoked the asset to test the crucial resistance between the $0.2354 and $0.2696 zones.
At the time of writing, Hedera trades at around $0.2667, with its market cap reaching $11.35 billion. Meanwhile, the daily trading volume of HBAR has soared by over 62%, staying at $1.03 billion. As per Coinglass, the market has seen a liquidation of $2.03 worth of Hedera in the last 24 hours.
Momentum Building or Breaking for Hedera?
The Moving Average Convergence Divergence line and signal line of Hedera are below the zero line, indicating a bearish trend. However, the MACD is rising and trying to cross above the zero line, and the recent dip seems to be losing steam, and momentum might be turning upward.
HBAR chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) indicator value of the asset is found at -0.02, suggesting a slight bearish sentiment, with the selling pressure outweighing the buying pressure in the market. Money seems to be leaving rather than entering, pointing to a lack of solid accumulation.
Hedera’s four-hour price chart reports its current slump. The price might fall and retest the immediate support at the $0.2661 range. Further losses could extend the downside correction and trigger the death cross to take place. The bears would send the asset’s price to the $0.2655 mark.
On the flip side, assuming the bulls gained momentum, HBAR could climb and find its initial resistance level at $0.2673. An extended correction on the upside might likely push the asset’s golden cross to unfold. The bulls may have the potential to drive the price toward the $0.2680 zone.
HBAR chart (Source: TradingView)
Furthermore, the daily Relative Strength Index (RSI) is positioned at 61.31, which implies a mild bullish sentiment, and there would be room for further upside before approaching the overbought zone. Hedera’s Bull Bear Power (BBP) reading settled at 0.02880, pointing to a slight bullish strength in the market. Also, it may be pushing the price above, showing bullish pressure.
