HBAR, the native token of the Hedera network, is demonstrating significant growth despite cryptocurrency market uncertainty. This article explores the recent price changes, key levels, and technical indicators supporting the bullish trend.
Current HBAR Momentum
Amid market uncertainty, HBAR has witnessed a price surge of over 8.5% in the past 24 hours and is currently trading around $0.365. The trading volume of the token has also increased by 55% during the same period. This momentum has been observed after HBAR successfully retested its breakout level, leading to the formation of a bullish candlestick pattern on the daily timeframe.
HBAR's Price Action and Key Levels
According to expert technical analysis, HBAR appears bullish and is encountering mild resistance near the $0.38 level. If HBAR breaks the resistance level and closes above $0.381, it has the potential to increase by 22% to reach an all-time high of $0.45.
RSI and 200 EMA Indicate Bullish Trend
Despite the strong upside momentum, HBAR’s Relative Strength Index (RSI) remains below the overbought area, indicating that the altcoin has room for further growth in the coming days. Meanwhile, the 200 Exponential Moving Average (EMA) is below the current price, suggesting that the asset is in an uptrend. The on-chain analytics firm Coinglass reports a $14 million outflow of HBAR from exchanges in the last 24 hours.
Combining on-chain metrics with technical analysis indicates that bulls are currently dominating the asset, potentially helping the token reach forecasted levels in the coming days.
