Hedera Explodes 24%, Can HBAR Price Reach a Yearly High?
The post Hedera Explodes 24%, Can HBAR Price Reach a Yearly High? appeared on BitcoinEthereumNews.com. Hedera is indicating extreme bullish momentum on the daily technical chart. Daily trading volume is increased by 70% and price is by 24% indicating bullishness. Hedera (HBAR) is currently demonstrating strong bullish momentum after the altcoin has seen a massive rally off its recent lows. The price action indicates a dramatic breakout, which has attracted traders and investors. As per CMC data, the daily trading volume has surged by almost 70% and the price has surged by 24% suggesting extreme bullish pressure. The exponential moving averages draw a very interesting picture of the current trend. The 50-day EMA at $0.16906 and the 200-day EMA at $0.17935 are also offering vital support levels. That HBAR is trading above both moving averages is a sign of a strong underlying momentum, and that the bulls have taken the price action by the horns. Technical indicators are all-out bullish. The MACD indicator has crossed over strongly into the positive region, and the histogram shows bright green bars indicating the strengthening of the upward trend. Such a bullish MACD crossover normally shows that the buying pressure is building up and that the existing uptrend still has some space to run. What’s Next For HBAR Price? Source: Tradingview A more complicated picture is given by the Relative Strength Index (RSI) reading of 83. Although this high value indicates a high buying interest and momentum, it puts HBAR in the overbought zone. Traders are advised to be cautious because when RSI values are above 70, a short-term pullback or consolidation period tends to follow. Nevertheless, during powerful trending markets, RSI may be high over a long period of time. The social sentiment is improving significantly, which implies that the market participants are growing more optimistic about the future of HBAR. This favourable tone change usually goes hand…
The post Hedera Explodes 24%, Can HBAR Price Reach a Yearly High? appeared on BitcoinEthereumNews.com.
Hedera is indicating extreme bullish momentum on the daily technical chart. Daily trading volume is increased by 70% and price is by 24% indicating bullishness. Hedera (HBAR) is currently demonstrating strong bullish momentum after the altcoin has seen a massive rally off its recent lows. The price action indicates a dramatic breakout, which has attracted traders and investors. As per CMC data, the daily trading volume has surged by almost 70% and the price has surged by 24% suggesting extreme bullish pressure. The exponential moving averages draw a very interesting picture of the current trend. The 50-day EMA at $0.16906 and the 200-day EMA at $0.17935 are also offering vital support levels. That HBAR is trading above both moving averages is a sign of a strong underlying momentum, and that the bulls have taken the price action by the horns. Technical indicators are all-out bullish. The MACD indicator has crossed over strongly into the positive region, and the histogram shows bright green bars indicating the strengthening of the upward trend. Such a bullish MACD crossover normally shows that the buying pressure is building up and that the existing uptrend still has some space to run. What’s Next For HBAR Price? Source: Tradingview A more complicated picture is given by the Relative Strength Index (RSI) reading of 83. Although this high value indicates a high buying interest and momentum, it puts HBAR in the overbought zone. Traders are advised to be cautious because when RSI values are above 70, a short-term pullback or consolidation period tends to follow. Nevertheless, during powerful trending markets, RSI may be high over a long period of time. The social sentiment is improving significantly, which implies that the market participants are growing more optimistic about the future of HBAR. This favourable tone change usually goes hand…
What's Your Reaction?
