HBAR Market Update
- HBAR has not yet flipped the daily market structure to bullish.
- The $0.3 level may be retested in the next day or two before a bounce.
Hedera (HBAR) was approaching a break above the $0.33 local resistance after a recent retracement to $0.255, near a critical level from March 2022 at $0.269.
Trading volume for the token surged by 67% in the last 24 hours, indicating bullish sentiment. AMBCrypto analyzed HBAR’s price action for potential next targets.
HBAR Aiming Beyond $0.4
Despite a 13.26% increase in HBAR’s price on December 24, its daily market structure remains bearish. The lower high at $0.331 hasn’t been decisively broken yet, though the higher timeframe trend appears bullish.
Fibonacci levels from November’s upward move to $0.393 reveal that $0.255 was the 50% retracement level. The strong bounce from this support zone, previously tested in December, suggests demand is returning.
Another indicator of bullish strength is the On-Balance Volume (OBV), which has shown a consistent upward trend over the past two months. The Relative Strength Index (RSI) recently bounced from the neutral 50 mark, underscoring HBAR’s bullish momentum.
If HBAR can break its current bearish structure, a swift move beyond $0.4 is likely unless Bitcoin (BTC) faces significant drops. Upcoming bullish targets include $0.457, $0.49, and $0.563.
Potential for Volatility with Order Imbalance
AMBCrypto noted a cluster of limit buy orders in the $0.305-$0.308 range worth $987k, indicating these may be triggered soon. HBAR could dip to $0.3 prior to a higher move.
An order imbalance indicated that buy orders are more prevalent, suggesting potential market fluctuations. However, this doesn’t guarantee a steady price increase in the upcoming days, as HBAR may instead oscillate between key levels while seeking liquidity.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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