Hedera Cryptocurrency Price Stays at $0.22, with Falling Wedge Indicating Potential Uptrend
In the world of cryptocurrency, HBAR, the native token of the Hedera Hashgraph network, is showing signs of a potential recovery. The coin's technical indicators offer insight into its next move, with a bullish wedge setup taking centre stage.
The HBAR has been consolidating after a steep summer correction, with trading activity steadying around the $0.21-$0.22 support range. This zone has repeatedly cushioned declines, adding weight to its importance as a foundation for any future rally.
Analysts have highlighted the development of a falling wedge on the HBAR chart. This structure, typically a compression zone, acts as a precursor to resolution. The falling wedge on the HBAR chart could signal a breakout that may be imminent.
The RSI, a popular momentum indicator, is near the lower boundary of neutral territory at 40.63. This suggests the asset has room for upward correction if demand strengthens. Holding the current base ($0.20) becomes essential to maintain the bullish wedge setup.
The flattening of the MACD histogram bars is often an early sign of trend exhaustion, paving the way for potential reversals. While the Moving Average Convergence Divergence (MACD) for HBAR remains in negative territory, the flattening of the histogram bars suggests a slowdown in selling pressure.
Traders are closely watching the RSI recovery and MACD crossover signals for potential confirmation of a breakout. If these signs materialise, the potential resistance targets for HBAR are near $0.29 and $0.33.
Institutions or individuals that could influence the potential price increase of HBAR include large-scale traders, institutional investors, hedge funds, and market makers who engage in significant buybacks and trading volume increases. These activities create momentum and buyer control signals that may drive prices upward. Additionally, influencers in the crypto market and exchanges facilitating large volumes could impact HBAR's price dynamics.
Historical patterns suggest such wedges often precede upward movements if volume strengthens. The structure has tightened across September with resistance lines sloping downward while support remains resilient around $0.20. If the bullish trend continues, HBAR could be poised for a significant rally.
In conclusion, while the recovery of HBAR is not guaranteed, the technical indicators and the bullish wedge setup suggest that the coin has the potential for a significant upward correction. Traders are monitoring the RSI recovery and MACD crossover signals closely for potential confirmation of a breakout. As always, it's essential to do your own research and consider your risk tolerance before making any investment decisions.
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