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HBAR Price Prediction: On March 29th, the Hedera coin witnessed a massive inflow after which its price rebounded from a local support zone of $0.057-0.056. This sudden growth could be associated with the recent announcement that Fresh Supply Co (FSCO), the largest user of Mastercard Provenance migrating from Mastercard’s private blockchain to the public Hedera network. Thus, this bullish upswing has encouraged buyers to breach a month-long bullish pattern opening up the path for further recovery.
Key Points:
- A higher price rejection candle at the $0.068 mark indicates sellers are aggressively defending this resistance
- A potential bullish crossover between 20-and-100-day EMA will encourage more buyers in the market
- The intraday trading volume in the HBAR coin is $204.5 Million, indicating a 104% gain.
Source-Tradingview
After witnessing a significant correction from late February to Early March, the HBAR price found support at 0.618 Fibonacci retracement level at $0.056. Over the past four weeks, the coin price rebounded twice from the $0.057-$0.56 support and revealed the formation of a double bottom pattern.
Under the influence of this pattern and the recent migration announcement, the HBAR price rebounded $0.057 support and surged 24.5% in the last four days. Amid this recovery, the coin price breached the pattern’s neckline resistance of $0.068 today and currently trades at $0.0708.
If the daily candle manages to close above the mentioned neckline, the buyers will obtain a strong stepping stone to prolong a bullish recovery.
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Under favorable conditions, the potential rally could drive the Hedera coin price $0.083 supply zone.
However, the high wick rejection attached to the daily candle indicates the sellers are active at $0.074 in between resistance and could try to sabotage the bullish thesis.
Technical Indicator
RSI: A steady growth in the daily RSI slope above the midline reflects sustained growth in HBAR price and a go signal for further rally.
EMAs: Along with $0.068 neckline resistance, the buyers also breached the 200-day EMA support offering an extra edge on the buyers’ side.
Hedera Coin Price Intraday Levels
- Spot rate: $0.07
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.074-$0.075 and $0.083
- Support levels- $0.068 and $0.062
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/hbar-price-prediction-hedera-price-poised-for-16-rally-as-new-bullish-pattern-emerges/