- Hedera price surged by 8% in the last 24 hours, suggesting bullishness.
- A golden cross is formed on the technical chart, demonstrating a long-term bullish outlook.
Hedera (HBAR) is showing a good bullish momentum, trading at $0.28624, which is a huge 8% in 24 hours based on the CoinMarketCap data. The altcoin has already developed a definite upward trend, which creates a higher high formation, indicating a continued buying pressure and bullish market sentiment.
The most outstanding technical progress is the creation of a golden cross pattern, in which the 50-day EMA ($0.20853) has crossed the 200-day EMA ($0.18988). This bullish crossover is considered to be one of the most solid long-term buy signals in technical analysis, and it means that the asset has changed its bearish trend into a bullish one. This signal is further supported by the present price movement that is far above the two moving averages.
Technical indicators are portraying a positive future for HBAR in the short term. The RSI is at 70, which is near overbought levels but is within the acceptable bullish levels. This reading indicates the presence of good momentum and still has space to move higher before it becomes extremely overbought. The MACD indicator has gone positive, and the signal line has crossed over the zero line, confirming the shift in bullish momentum and the argument in favour of further price gains.
What Next For HBAR Price?
Source: Tradingview
Structurally, HBAR has set important technical levels that traders must be keen on. The short-term resistance is at $0.30000, and this is a considerable psychological level that the asset has just overcome. The level of support is at $0.25000, which acts as a cushion against any possible pullback in the current uptrend.
The volume of trading in the market has also risen significantly, and the price hike has been accompanied by a significant rise in volume of trading on a daily basis.
This confirmation of volume makes the current price action more credible and indicates a real interest of investors and not a speculative pump. The sentiment indicators show that social sentiment is neutral, which can be viewed as an opportunity to have more positive impetus, as the retail sentiment is lagging behind the technical progress.
The combination of technical indicators – the golden cross formation, positive MACD, high RSI values, and the rise in volume makes the bullish case of HBAR in the short term very strong, and traders will probably be targeting additional resistance tests at the levels above the $0.30000.
Highlighted Crypto News Today:
SUI Jumps 7%, Is This a Prelude to a Bigger Pump or Just a Temporary Pause?
