Will the parabolic rally in Hedera (HBAR) continue to surpass the $0.20 psychological mark?
With the Bitcoin price back in action and surpassing the $96,000 mark, altcoins are heating up again. One of the top-performing altcoins is Hedera, which surged in price by 7.12% in 24 hours.
It has risen nearly 15% for the past week and is inching closer to the $6 billion market cap. Will Hedera witness a parabolic recovery run as it moves to surpass the $0.15 psychological mark? Let’s take a closer look.
Hedera Price Analysis
In the weekly chart, the HBAR price trend showcases a sudden bullish reversal. Three consecutive bullish candles account for a price jump of more than 250% from the bottom of $0.041 to the current market price of $0.15.
Based on the Fibonacci levels in the weekly chart, Hedera has surpassed the 50% Fibonacci level and has broken a long-coming resistance trend line. The MACD indicators have given a positive crossover and have skyrocketed with skyscraping bullish histograms.
Furthermore, the 50- and 100-week EMAs are ready for a positive crossover, reflecting a trend reversal.
In the 4-hour chart, the Hedera recovery rally creates a rising channel after a parabolic recovery, creating an extremely bullish pattern. Using trend-based Fibonacci levels, the rising trend is approaching the 23.6% level and is heading towards the immediate price resistance at $0.16237.
Moreover, Hedera has been consistently supported by the 50, 100, and 200 EMAs on the 4-hour chart, all of which maintain a positive alignment. The MACD and signal lines have also given a new positive crossover as Hedera’s price bounces off the support trendline.
HBAR Targets $0.20 Breakout
Based on the current price trend, the bull run is preparing a channel breakout to target the $0.197 and $0.230 levels. Hence, the Hedera price trend shows massive upside potential.
Conversely, a bullish turnaround from the 23.60% Fibonacci level will keep the bull run under check. Further, it might potentially retest the $0.1186.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
