Is a $0.30 Breakout in Sight for Hedera (HBAR) Bulls?

• Hedera is up over 17%, now trading at $0.24.
• HBAR’s trading volume has soared by more than 200%.

The crypto market’s 3.25% recovery triggered the market cap to hit $3.8 trillion, with the greed sentiment, as the Fear and Greed Index reading holding at 70. It has resulted in a green wave among the assets. Notably, the largest asset, Bitcoin, hit its new all-time high at $121,209.01. Meanwhile, Hedera (HBAR) has registered a gain of over 17.07% in the last 24 hours. 

If the asset undergoes bullish pressure for a longer period, the price movement may strengthen and climb to new highs. HBAR opened the day trading at around its bottom range of $0.2063. With bulls taking control, the price has ascended to a high of $0.256. At press time, Hedera traded within the $0.2498 mark. 

In addition, the market cap has reached $10.47 billion, with the daily trading volume of HBAR skyrocketing by over 200%, touching $2.12 billion. As reported by Coinglass, the market has observed a liquidation of $7.58 million worth of Hedera in the last 24 hours. 

Can Hedera Hold Its Bullish Ground?

While zooming in on the technical chart of Hedera, the Moving Average Convergence Divergence (MACD) line has crossed over the signal line, indicating that the momentum is shifting upward, with a potential price rise expected. Besides, the Chaikin Money Flow (CMF) indicator resting at 0.19 suggests a positive money flow into the asset. In this case, it is likely hinting that the buying pressure is dominant in the market. 

The four-hour price graph of HBAR exhibits the possibility of further gains. If the bullish momentum strengthened, the price might initially test the resistance at around $0.2504. An extended correction on the upside would push the golden cross to take place, sending the Hedera price above the $0.2511 mark. 

Contrarily, assuming the entry of the bears, the asset could immediately slip and find support at the $0.2492 range. A death cross might unfold, with a potent downside correction. Also, it may lead Hedera to decline to its former low zone between $0.2486 and $0.2479, acting as a crucial price trading level. 

Furthermore, the current market sentiment of HBAR is in overbought territory, as the daily Relative Strength Index (RSI) is found at 80.53. The asset may have the risk of being overvalued or for a correction. Hedera’s Bull Bear Power (BBP) value of 0.05465 implies that the bullish dominance in the market is moderate.

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