HBAR saw a 67% increase in trading volume, with bullish momentum building.
Hedera is poised to break $0.4, targeting higher levels like $0.457 and $0.49.
Buy orders around $0.305-$0.308 suggest a potential dip to $0.3 before upward movement.
Hedera Hashgraph has been making notable gains recently. After a retracement earlier this month, HBAR bounced off a key support level. This surge has sparked excitement, but what’s next for this token?
https://twitter.com/CryptoAmb/status/1871934679269490699?t=EkOaVIiUcCJP5xy6jdSVug&s=19 HBAR Eyes $0.4 and Beyond
On December 24th, HBAR saw a 13.26% price jump. Despite this, the chart still shows some bearish signs. The $0.331 resistance level is yet to be broken, and the daily chart shows a lower high, meaning a breakout hasn’t happened just yet.However, a bigger picture supports a bullish trend.
Fibonacci levels show that the $0.255 support zone acted as a 50% retracement. This bounce from $0.255 signals strong demand. The On-Balance Volume (OBV) has steadily risen, confirming increased buying interest. Additionally, the Relative Strength Index recently bounced from the neutral 50 level, reinforcing positive momentum.
Order Imbalance Might Stir Volatility
Breaking through $0.331 might pave the way for HBAR to reach $0.457, $0.49, or even $0.563 in the coming weeks. But Bitcoin’s price movement could influence these targets. A major dip in BTC could impact HBAR’s performance.
A cluster of buy orders has formed between $0.305 and $0.308. These orders could trigger a temporary dip, with HBAR possibly revisiting that price range before moving higher. However, the recent surge in buy orders doesn’t guarantee a quick price increase. Traders should be mindful of potential volatility as the market reacts.
HBAR has shown strength recently and could rise past $0.4 if it breaks key resistance levels. Demand remains strong at lower levels, supported by bullish on-chain data. But market volatility, especially Bitcoin’s movements, should be considered.
The post Hedera Hashgraph Soars as Expected: Here’s What’s Next for HBAR? appeared first on Crypto News Land.
