Hedera Price Triggered Pullback: Will It Extend To $2 Mark Soon?

• HBAR price has exceeded the key moving average and shows a bullish sign.
• The trading volume has collapsed by 35% in the past 24 hours.

Hedera price technical chart witnessed buying pressure for the past 6 months. The technical chart displays that the price has been rising in higher highs and higher lows ways. HBAR price has been dominating because of the defense of the key moving averages. 

However, in mid-April, the asset price dropped below the 200-day EMA. However, buyers bounced back, and the price surpassed EMAs with strong buying momentum. This breakdown turned into a fake breakdown, and buyers dominated further.

In the last week of April, the digital asset price was pumped by 128% in just 5 days but failed to hold, and profit booking occurred, which led to intense selling pressure. The selling momentum was shifted in the buyers’ hand near the key moving average.

Based on the previous performance, the price has lost 11.62% in a week but has gained 52.53% in the last 3 months. The price has remained bullish yearly, up by 90.11% in the past 6 months and 80.38% annually.

Hedera Price Prediction: Will HBAR Crypto Price Shoot Up Soon?

Track all markets on TradingView

At press time, Hedera‘s price traded at $0.105 with an intraday gain of 5.08%. The market capitalization is $3.76 Billion, and the 24-hour trading volume is $233.80 Million. The circulating supply is 35,738,891,043 HBAR, and the fully diluted market cap is $5.29 Billion. The total supply and the maximum supply is 50,000,000,000 HBAR.

Recently, the HBAR price reached a 52-week high of $0.181 on March 24, 2024. However, the buyers weren’t strong enough to hold and performed negatively. The asset price has triggered a pullback buy, defending the critical moving average. 

Suppose the trading volume supports the current buying momentum. The price may extend to the resistance level of $0.140. If the price reaches the $0.140 mark and triggers a breakout after consolidation with the rise in trading volume, it may outperform. 

Alternatively, profit booking on a larger scale can occur if the Hedera price starts trading below the key moving average. Assuming the investors prefer to book profit, a strong selling pressure can be seen in the next few days.

According to the technical indicators, the price has supported the baseline of Bollinger Band and signaled buying momentum ahead. The HBAR price has exceeded the key moving average, and a positive candlestick indicates a bullish forecast.

HBAR Crypto Volume vs Price Analysis

On April 24, the trading volume was pumped by more than 700% but didn’t hold for longer. The price also increased by around 100% but was dumped slowly and steadily. Currently, a little bit of a soar in trading volume, and the price was detected.

Conclusion

Per the technical analysis and market trends, the Hedera price is bullish with buying momentum. However, it is essential to monitor the trading volume and support levels.

It may outperform if the price breaks out and consolidates above the resistance level of $0.140. Conversely, profit booking may occur if the price starts trading below the key moving average, leading to strong selling pressure. 

Technical Levels

Resistance: $0.130 & $0.160

Support: $0.105 & $0.075

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.