Hedera’s HBAR has steadily increased in value over the past few days as broader market activity gains momentum. Currently trading at $0.19, the token’s price is up 4% over the past week.
As investor confidence grows, demand for the altcoin is rising, signaling the potential for further price appreciation in the near term.
HBAR’s Price Action Turns Bullish: Is a Sustained Rally on the Horizon?
HBAR’s attempt to break above its 20-day exponential moving average (EMA) highlights the growing bullish confidence toward the altcoin. This indicator measures an asset’s average price over the past 20 trading days. It gives more weight to recent data, helping traders identify short-term trends.
When an asset’s price is poised to break above the 20-day EMA, it signals a potential shift from bearish to bullish momentum, indicating increasing buying pressure. If HBAR’s breakout is sustained, market sentiment will turn positive, leading to further price gains.
Moreover, a golden cross formation observed on HBAR’s Moving Average Convergence Divergence (MACD) confirms the growing bullish momentum. As of this writing, the token’s MACD line (blue) rests above its signal line (orange).
The MACD is a momentum indicator that helps traders identify trend direction and potential reversals. When the MACD line crosses above the signal line, it forms a golden cross, indicating a shift in momentum toward a bullish trend.
This suggests that HBAR’s increasing buying pressure could lead to a sustained price rally if macro factors remain favorable.
HBAR Faces Critical Test: Breakout or Reversal?
HBAR’s break above its 20-day EMA could strengthen the bullish pressure in the market and trigger an extended rally. In this scenario, the token’s price could climb to $0.24, representing a 26% uptick from its current value.
Conversely, if HBAR traders commence profit-taking, this bullish projection would be invalidated. In that case, the altcoin’s price could reverse its current uptrend and fall to $0.16.
Disclaimer
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