- HBAR successfully breaks out of a long-term downward trend channel and completes a bullish retest.
- Bitcoin’s rally toward a major milestone boosts overall crypto market sentiment, benefiting HBAR’s momentum.
- HBAR shows strong weekly performance, indicating rising investor confidence and potential for further gains.
- A major resistance level remains ahead, where a significant sell wall could challenge the upward movement.
Hedera (HBAR) also benefits from good momentum as it escapes from its downward channel, predicting a potential bullish upsurge. Bitcoin (BTC) also makes a move towards the $95K level, lending a good atmosphere to the entire market. HBAR benefits from this wave and rides the upward trend of the overall market.
The token is currently trading at $0.1881 with a 24h trading volume of $239.23M and a market cap of $7.94B. The price of the past 24 hours shows stability, while the past week’s price shows a 10.28% increase, indicating great potential for the next big rally.
Source: CoinMarketCap
HBAR Retests Key Support, Bulls Watch $0.315
A crypto analyst, CW, highlighted a positive development for Hedera holders and cryptocurrency investors alike: the digital asset seems to have successfully tested a key level after breaking from a long-term downward trend channel. Such a technical move tends to mark the end of a bearish cycle and the start of a new potential path of ascension.
After the last month of price action within a lower highs and lower lows bearish pattern within a downward channel, the upper channel was at last broken by HBAR. Much more significant was a textbook retest by the currency, where the price once again visited the level of the former resistance as a new level of support. Holding such support consistently is generally considered a very bullish sign among traders and investors.
Following the retest apparently done, sentiment within the market is cautiously positive. Investors are keeping a close eye on the situation as they hope HBAR might be about to start a new upward trend within the next few days or weeks.
Source: X
Despite the bullish chart signs on hand, HBAR also encounters a big sell wall ahead. There’s a big sell wall at the $0.315 level. Sell walls do have the potential to offer good resistance and will freeze the asset’s price advance temporarily. Breaking this barrier will prove crucial for HBAR pursuing higher price targets and keeping any rally intact.
Related Reading: XRP’s Key Resistance: Can It Break $2.5 to Start a Bullish Reversal?
