• 16 July, 2024
Market News

Hedera’s HBAR Token Surges Post RSI Breakout: Analysts Predict Bright Future

Hedera’s native token, HBAR, has recently garnered attention following a notable market movement. Crypto analyst JD(Jaydee) shared insights via a recent tweet, focusing on the token’s performance and potential future trajectory. The analyst highlighted a pivotal moment for HBAR, citing its rally after a breakout in the Relative Strength Index (RSI), a key technical indicator traders use to gauge market momentum.

JD’s analysis suggested that HBAR’s market capitalization experienced a significant boost post-breakout. The tweet emphasized the importance of the “Orange Line” – a reference to a specific resistance level on price charts. According to the analyst, if HBAR’s price can sustain a weekly candle body close above this line, it could signal a substantial upward trend, colloquially known in the crypto community as “moon time.”

The tweet also included a word of caution for investors and traders. JD advised market participants to take ” calculated ” profit, underscoring the importance of strategic financial decisions in this volatile market. This advice aims to distinguish savvy investors from what the analyst referred to as the “95%” – a group often characterized as ‘Dumb Money’, which typically incurs losses due to uninformed or impulsive trading decisions.

HBAR’s market momentum has been predominantly bullish, as evidenced by the forming of an Ascending Channel pattern. Despite a minor 24-hour dip of 3.22%, the token’s price hovers around $0.08492. Its market capitalization currently stands at a robust $2.85 billion, ranking HBAR as the 32nd largest cryptocurrency in market cap. The trading volume, peaking at $106 million, suggests active market engagement and potential for notable price fluctuations.

Source: TradingView

Technical analysis of HBAR shows bullish indicators. The 50-SMA and 200-SMA on the hourly charts are trending downwards, a classic bullish signal. The RSI, positioned in neutral territory, indicates the potential for an imminent price breakout or breakdown. The Bollinger Bands further support this, revealing that HBAR trades within a narrow range, suggesting an impending significant price movement. The upper and lower bands stand at $0.09717 and $0.07955, respectively, framing the current trading zone.

This development in HBAR’s market trajectory underscores the ever-evolving nature of the cryptocurrency sector. Investors and market watchers keenly observe HBAR’s performance, especially in light of JD’s analysis, to see whether this digital currency will experience the anticipated surge. As with all investments in the crypto space, potential gains come with corresponding risks, making informed and calculated decisions paramount.

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