HBAR price skyrocketed by over 92.10% in the past week, driven by speculations that Hedera Board Member Brian Brooks might be appointed the next SEC Chair.
Nevertheless, the slight downward trend could be due to investors’ reactions to the information concerning Teresa Goody Guillén, who may be a candidate for the popular SEC post.
HBAR price Daily Chart Analysis
HBAR’s daily chart revealed a parabolic rally that has slowed down due to selling pressure, with the token now trading at $0.13637
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Furthermore, a slight decline occurred after a steep rise into the overbought territory. That was identified by the Relative Strength Index (RSI) reading of 77.37, which was above the neutral value of 70.
Bollinger Bands also illustrated overextension as the price got closer to the upper band at $0.13058. There was a pullback to a notable extent from the 20-day SMA at $0.06917, which further supported the extended position of the token. Nevertheless, bullish pressure could remain high, signaling that buyers can enter the market again on pullbacks.
Support and Resistance Levels
The resistance levels the HBAR price is facing are at $0.140 and $0.180 levels. Breaking the short-term resistance level might bring back the bull run, targeting the psychological $0.14000 figure.
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On the other hand, on the downside, the first support level is seen at $0.12000, while the second support level is observed at $0.070. A break below $0.070 might trigger further selling pressure and a pullback to the 20-day SMA at $0.06917.
Analyst Insights and Weekly Chart Outlook
The weekly chart offered by the analyst Cryptoiinsider was positive and showed that HBAR was selling at $0.1379 at the time of writing. This chart featured the level of $0.097 as the crucial support level.
Historically, this support has been quite resilient and able to hold bearish pressure. It provided a platform for the token to bounce back.
Cryptoinsider observed an increase in trading volume as a bullish signal that showed market demand and suggested the potential for a continued uptrend.
The first level of resistance to watch is $0.1416, which, if breached, will definitely lead toward the long-term target of $0.58. The $0.58 level can be considered the critical level, which has not been revisited since the HBAR price high in 2021. Experts consider it the potential breakout level.
The coming days will be crucial for determining HBAR’s trajectory. Traders are closely monitoring support at $0.12000 and resistance at $0.14000. Sustained trading volume during a breakout will be key to confirming the bullish case. However, a lack of buyer activity could expose the token to further declines.
