Fast-Recovering Hedera Coin Aims For Another 10% Jump; Buy Now?

HBAR coin

Published 18 hours ago

On February 11th, the Hedera coin price escaped from a three-week-long consolidation phase with a breakout of $0.077 and $0.083 horizontal resistance. This breakout offers coin buyers some new support levels to bolster further growth. As of now, the altcoin goes through a retest phase by checking price sustainability above the breached resistances. Is this an entry signal?

Key Points:

  • A bullish breakout from $0.083 resistance sets Hedera coin in a 10% rally 
  • A lower price rejection candle at the $0.083 level indicates the buyers are defending the new reclaimed level.
  • The intraday trading volume in the HBAR coin is $80 Million, indicating a 30% loss.

Hedera CoinSource-Tradingview

The Hedera coin price has shown near perpendicular growth in the last one and a half months. As a result, the coin price registered 137% growth since January 1st and reached the current price of $0.087 mark.

The coin price breached multiple barriers during this rally and has most recently reclaimed the  $0.077 and $0.083 levels on February 11th. The massive breakout with a high volume surge indicates that buyers are aiming to chase even higher levels.

However, over the past four days, the coin price showed several short-body candles with long rejections attached to both ends. This candle structure indicates uncertainty among market participants. 

Also Read: Top 10 DeFi Lending Platforms In 2023

Anyhow, after a sudden breakout, a short retest or correction phase is beneficial for coin holders as it validates sustainability at reclaimed levels. Thus, the interested trades can look for entry opportunities at $0.0836 or $0.077 flipped support.

If the buying pressure persists, the Hedera coin may drive a recovery rally to $0.0992, followed by the $0.11 mark.

On a contrary note, a bearish rejection from $0.0992 could encourage a minor consolidation phase

Technical Indicator

RSI: The daily RSI slope rising high into the bullish territory indicates the underlying bullish momentum is strong.

EMAs: THe 20-day EMA support continues to act as dynamic support to rising Hedera coin prices. The buyers can maintain a strong bullish scenario until this EMA is intact.

Hedera Coin Price Intraday Levels

  • Spot rate: $0.0784
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $0.084 and $0.1
  • Support levels- $0.074 and $0.063

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/fast-recovering-hedera-coin-aims-for-another-10-jump-buy-now/