HBAR Price Surge Suggests Potential Bull Run

HBAR, the native cryptocurrency of the Hedera network, has started the week with a bullish trend. The digital asset’s price witnessed a significant surge of 10.86%, escalating from $0.085 to the present price of $0.0951. Despite a minor intraday setback of 2.07%, which resulted in a shooting star candle—an indication of resistance—the overall pattern of higher highs and higher lows suggests a potential continuation of the upward trajectory.

Double Bottom Breakout Fuels Bullish Trend

A ‘double bottom breakout’ on the daily chart has sparked optimism among investors. This bullish chart pattern signals a potential trend reversal, hinting at a bright future for HBAR. The positive price action is bolstered by a broader market recovery, typified by Bitcoin’s ascent to $45,000. An increase in trading volume further underscores a potential bull run for HBAR.

Entry Point for Traders on the Sidelines?

A breakout above the psychological threshold of $0.10 could serve as a beacon for traders who have been waiting in the wings. While the MACD indicator exhibits indecision due to multiple crossovers, a recent positive crossover, in tandem with a bullish 50-day and 200-day EMA, provides dynamic support for a promising outlook. However, should the recovery momentum wane, a correction towards the $0.060 level might be on the horizon.

A Bullish Trend for HBAR on the Horizon

The current price action and technical indicators paint a picture of a bullish trend for HBAR. It is likely that the digital currency will retest higher resistance levels before continuing its bull run. With the global cryptocurrency market capitalization sitting at $1.76 trillion, and a notable increase of 6.45% in the past day, the outlook for HBAR and the larger crypto market remains positive.