With the altcoin rally gaining momentum in the crypto market, the HBAR price is teasing a possible trend reversal after crossing the psychological mark of $0.050.
Is Hedera Making a Comeback?
The recovery rally in HBAR prices has broken above the resistance trend line formed earlier this year during the market pullback. As the broader market underwent a correction, HBAR prices fell from $0.1821 to a 52-week low of $0.041. The pullback phase accounted for a 77% drop in Hedera's market cap, but with a 26% jump last week, HBAR is currently trading at $0.05842, maintaining above the resistance trend line. However, the weekly candle indicates higher price rejection at the 23.60% Fibonacci level and the 50-day SMA. The Fibonacci level is priced at $0.06606, and the 50-week SMA stands at $0.0786. In the daily chart, the intraday pullback of 10.30% comes as a retest of the broken trendline and the 50-day, 100-day SMA merger.
Will HBAR Sustain Above $0.050?
As the broader market recovers, a post-retest reversal in HBAR is likely to prolong the bullish rally. Using the Fibonacci levels in the weekly chart, the upside price targets for Hedera stand at $0.095 and $0.1277. These targets are derived from the 38.20% and 50% Fibonacci levels. On the downside, the crucial support for Hedera stands at $0.050 and $0.042.
FAQs
**What are the next price targets for HBAR?** The next price targets for HBAR are $0.095 (38.20% Fibonacci level) and $0.1277 (50% Fibonacci level), based on weekly chart analysis.
**What support levels should HBAR traders watch?** Key support levels are $0.050 and the 52-week low of $0.041.
**What are the key resistance levels HBAR must overcome?** Immediate resistances are $0.06606 (23.60% Fibonacci level) and $0.0786 (50-week SMA). A breakout above these levels will confirm further bullish momentum.
HBAR shows signs of recovery, but sustaining the bullish trend requires overcoming key resistance levels. Investors should monitor short-term and long-term market movements.
