- Hedera (HBAR) attempts to capitalize on its current trend to break above a crucial psychological level to hit $0.25; however, analysts say failure to sustain this momentum could be devastating.
- Multiple market indicators confirm a bullish momentum, even though the Average Directional Index (ADX) shows that the trend is still weak.
Hedera (HBAR) has had a great run in the last 24 hours, rising from its daily low of $0.171 to $0.1839 at press time after recording a 7% upsurge within the period. Fascinatingly, this has extended its weekly gains to 17%, positioning it as the 18th largest crypto by market cap. Trailing Toncoin (TON) by just $7 million, HBAR has been tipped to soon secure the 17th position and target the 16th spot, which is currently occupied by Shiba Inu (SHIB).
HBAR’s trading activities have equally been impressive. Our data shows that its 24-hour trading volume has surged by 36%, with $227 million changing hands. On top of this, most key market indicators show that the asset may not slow down any time soon.
Hedera’s (HBAR) DMI and Ichimoku Cloud Chart Indications
Looking into the Directional Movement Index (DMI), CNF discovered that HBAR is slowly building momentum. The Average Directional Index (ADX), which was hovering around 13.54 a couple of days ago, is up to 16.27.
According to analysts, this implies that the strength of the current trend is slowly gaining ground. Meanwhile, the reading is still below 20, which means the trend is weak. However, the addition of points indicates that the reading could soon improve to at least 25 to suggest the formation of a sustained trend.
Similarly, the Positive Directional Indicator (+DI), which was “sitting at” 14.19 some days ago, has risen to 22.6. Analysts interpret this as an increment in buying pressure. The most interesting aspect of this is that selling pressure has fairly reduced as the -DI declines from 17.54 to 13.24.
On the HBAR’s Ichimoku Cloud chart, there is a strong indication of bullish momentum. According to analysts, the price action has taken a position above the Kumo (cloud). The Cloud has also moved from green to red, indicating that the existing trend could hold as long as nothing significant forces a bearish reversal.
Critically analyzing its technical charts, a golden cross was also observed to be forming on its Exponential Moving Average (EMA) lines, positioning HBAR for a key move to $2.0 in the short term. According to our recent analysis, the asset could continue its rally to $0.225 and subsequently to $0.258 in any good period. However, failure to sustain this trend could see the asset crashing down to $0.15 and subsequently to $0.125.
Outside its technical charts, HBAR is also expected to leverage the recent collaborations and partnerships to attain a new height on the price curve. As detailed in our last news piece, a payment provider based in Singapore, Alchemy Pay integrated HBAR into its fiat-to-crypto platform.
Hedera Foundation also joined the ERC3643 Association recently to enhance real-world asset tokenization via ERC-3643. As discussed earlier, the Foundation would be able to align this standard without sacrificing its technological efficiency.
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Source: https://www.crypto-news-flash.com/hedera-hbar-on-the-brink-of-a-breakout-heres-what-to-watch/?utm_source=rss&utm_medium=rss&utm_campaign=hedera-hbar-on-the-brink-of-a-breakout-heres-what-to-watch