After a sharp sell-off in the cryptocurrency market triggered by President Donald Trump's aggressive tariff policies, several cryptocurrencies are starting to recover.
Bitcoin and Ethereum Recovery
Bitcoin (BTC) and Ethereum (ETH) have risen by 6% and 8% respectively, giving traders hope that the worst may be behind us.
Hedera's Bullish Formation
Hedera (HBAR) is making notable strides today, showing a sharp gain of over 20%, reclaiming lost ground. Technical analysis suggests a potential bullish reversal, with a strong bounce from the support level at $0.1248. The current price is $0.1592, potentially marking the early development of a classic bullish pattern. The structure on the chart resembles the 'Inverted Cup and Handle,' indicating a possible test of resistance at $0.40.
What to Watch Next
While it is still early to confirm a full bullish reversal, today's price action is promising. For this setup to be validated, bulls need to:
* Reclaim and consolidate above the **$0.20** level (50 MA), * Eventually test and break through the **$0.40** resistance zone for a full cup breakout.
Nonetheless, caution is warranted. If Hedera can maintain momentum, it may be gearing up for a major breakout later this quarter.
