• 17 July, 2024
Market News Price Analysis

Hedera’s Price Prediction: Will It Surge Past Resistance Levels?

Hedera (HBAR) has seen a recent decline in its price, trading at $0.066625 with a 24-hour volume of $40,180,754, at press time. Over the past day, the cryptocurrency has experienced a decrease of 2.38%, reflecting a bearish trend in its price movement.

AlertTrade, a trading view analyst, chart analysis reveals a distinct descending channel  pattern that has formed and completed recently. This pattern typically indicates a downward trajectory in price, suggesting a prevailing bearish sentiment among traders. The price has consistently adhered to this downward-sloping channel, reinforcing the bearish trend observed.

Key support and resistance levels play crucial roles in understanding potential price movements. At present, the $0.0650 level has repeatedly acted as a support, as evidenced by multiple instances where the price rebounded upon reaching this point. 

Hedera Tops in Development Activities Surpassing Optimism and Cardano

Another notable support level is at $0.0600, where buying interest tends to emerge during price declines. On the flip side, resistance levels such as $0.0730 and $0.0800 pose barriers where selling pressure often intensifies. This could hinder upward movements.

Currently, a pending trade setup is indicated on the chart. This setup suggests that if the price manages to break above the descending channel, there could be potential for a bullish reversal. 

Traders are eyeing a move towards the next resistance levels, particularly targeting a substantial 47.94% increase from the current levels. This target becomes viable if the price successfully breaches the descending channel and overcomes key resistance barriers.

Hedera/USD 1-day price chart, Source: Trading view

Hedera’s 1-day Relative Strength Index (RSI) stands at 34.01 is approaching the oversold threshold. This reading suggests that the asset may be primed for a potential buying opportunity, as oversold conditions often precede price rebounds. 

Moreover, the 1-day Moving Average Convergence Divergence (MACD) indicator shows bullish momentum building, with the MACD line trading above the signal line. This uptick in momentum hints at a possible short-term recovery in price.

Bitcoin RSI at 48.90 Signals Potential for Price Rebound After Correction Read Previous

Bitcoin RSI at 48.90 Signals Potential for Price Rebound After Correction

Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto Read Next

Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto