Hedera Price up 10%; HBAR Price preparing for massive rally?

• Hedera Price up 10% in a single day and attempted to break the $0.0590 hurdle level.
• HBAR Price holds the 50 day EMA and turns short term in upward direction.
• Hedera Price Prediction suggests significant increase in the value is possible in the coming months.

It formed a bullish candle and showed initial signs of the bullish trend reversal. Hedera Price rose 10% and attempted to break out of the swing high hurdle at $0.0590. 

HBAR Price succeeded to climb above the 50 day EMA indicates the short term trend is reversing upward. However, the 200 day EMA is still placed above the price and acting as an immediate hurdle. 

Hedera Price is in the recovery mode and formed a double bottom pattern. Buyers trying to break the neckline hurdle which will further pick up the momentum. It recovered 40% approx from the recent swing low and created a positive hope for the long term investors. 

The buying volume is on rise indicates some genuine investors are accumulating from the lows and expecting outperformance in coming months. 

Hedera Price is trading at $0.0574 with an intraday rise of 8.51%. The 24 hour volume to market cap is 5.64%. 

The pair of HBAR/BTC is trading at 0.00000182 with an intraday rise of 2.25%. This pair seems to be in a strong downtrend and sellers are highly active. The short term up move in HBAR/BTC might face rejection on higher levels.

Is Hedera Price undervalued?

Hedera Price did not perform well in the past few months and traded with the bearish bias. The downfall halted near $0.0400 and prices showed minor bounce from the demand zone. It consolidated for a few days in a narrow range and slowly it began to recover. 

Till HBAR Price is sustaining above the 50 day EMA the possibility of $ 0.0600 remains high. If buyers succeed to break the hurdle then 30% more upside will open. However, if the price faces rejection then it is likely to spend time in consolidation. 

On the other hand if the prices drop below the 50 day EMA then bears may again try to test the previous lows. 

HBAR Price trying to reverse the trend

HBAR Price is trying to reverse the trend on multiple time frames to bring back the confidence of investors. Well the crypto leader Bitcoin Price witnessed profit booking from the yearly highs which might impact HBAR in the short term. 

The MACD curve is sloping upward and generates a positive crossover indicating bulls are returning back to track. But the price will pick up momentum only after the breakout of the $0.0600 hurdle. 

The RSI at 65 pointing upward denotes the strength of bulls. If the price continues to recover then RSI might reach the overbought territory. 

Conclusion

Hedera Price up 10% but struggles to break the $0.0600 hurdle. HBAR Price seems to be in the recovery mode and trying to reverse the trend. 

The technical analysis suggests, HBAR crypto price is undervalued and expected to reverse upward from the demand zone.

Technical levels

Resistance levels: $0.6000 and $0.0780.

Support levels: $0.0450 and $0.0400.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.