Published 2 days ago
The Fast Recovering Hedera coin (HBAR) price has recently halted at a multi-month resistance of $0.075. With the ongoing uncertainty in the crypto market, the coin price turned sideways and started consolidating in a narrow range. However, this consolidation formed a double-bottom pattern hinting at further growth in HBAR price.
Key Points:
- The double bottom pattern appears when a coin price has fallen twice to the same approximate low and then rises again, creating the shape of two bottoms followed by a rise.
- A bullish breakout from $0.0745 will signal the resumption of a bullish recovery.
- The intraday trading volume in the HBAR coin is $302.4 Million, indicating a 234.5% gain.
Source-Tradingview
After a parabolic rally in the first three weeks of 2023, the Hedera coin (HBAR) price was bound for a minor consolidation or correction. Thus, the ongoing sideways may stabilize the aggressive buying and validate whether the price can sustain at higher levels or not.
Thus, as mentioned above, this consolidation shaped into a famous bullish reversal pattern called a double bottom pattern. In the core concept, the prices rebounded twice from the same level, indicating the buyers are aggressively accumulating at this support or the seller’s failure to prolong the downtrend. As a result, the coin gets an opportunity to replenish bullish momentum.
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By the press time, the hedera coin price trades at $0.0743, with an intraday gain of 3.2%. Thus, the bullish candle tries to breach the $0.0745 neckline resistance of the double bottom pattern. A daily candle closing above the neckline will release the buying pressure and resume a bullish recovery.
The post-breakout rally may surge the price 13% higher to challenge the $0.0843 barrier.
On a contrary note, if the HBAR Coin remains below the $0.0745 barrier, the consolidation phase may prolong for a few more trading sessions.
Technical Indicator
MACD: the potential bullish crossover between the MACD (blue) and the signal(orange) line would offer additional confirmation on uptrend continuation.
Bollinger band: the HBAR price hitting the upper band of the indicator suggests the buying activity is aggressive for the given time.
Hedera Coin (HBAR) Price Intraday Levels
- Spot rate: $0.074
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.74 and $0.83
- Support levels- $0.64 and $0.54
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/how-long-till-the-hedera-coin-resumes-its-recovery/