- Hedera (HBAR) has been trading in a range between $0.04188 and $0.04333.
- The buyers have managed to hold above the $0.04 key support level.
- The prices are facing a firm resistance at $0.05.
Hedera price action in the last 24 hours has been in a narrow range with a bullish bias. The cryptocurrency has formed a bull flag pattern between the key levels of $0.04188 and $0.04333.
The buyers have managed to hold above the critical support level of $0.04, forming higher lows at regular intervals. This is indicative of the underlying strength of the digital asset that has been on a firm uptrend in the last 24 hours, moving from an intraday low of $0.0402 and reaching a high of $0.04285 in the same time period.
The digital asset is now facing a short-term resistance at $0.05, which may prove difficult for the buyers to cross. If HBAR manages to breach this level, it could see an upside breakout and potentially lead to higher prices in the near future.
It remains to be seen whether HBAR will break above the MA50 short-term resistance level at $0.05 to continue its bullish momentum and trigger an upside breakout. Additionally, HBAR might form a pullback if it fails to breach the $0.05 resistance level and might find itself back in the range between $0.04188 and $0.04333.
Looking at the technical indicators, the MACD line is above the signal line indicating bullish momentum for HBAR, with the CCI moving firmly in the bullish zone. The Relative Strength Index (RSI) is currently at 60, indicating a bullish momentum in the near future.
Overall, the HBAR market seems to be restructuring for a potential upside breakout, with the bulls holding a firm grasp of the market. The market volatility is currently low, suggesting the prices might break the $0.05 resistance level in the near term. However, traders can exercise caution and wait for a decisive breakout above $0.05 before entering long positions in the market.
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