Hedera's bullish inclination grows as bears retreat, hinting at a potential turnaround in the cryptocurrency's trend.
Let's Talk HBAR:
The cryptocurrency Hedera, or HBAR, is seeing a 6% surge in the past 24 hours, aiming to recapture its $8 billion market cap. Its trading volume has spiked 19% to almost $176 million, demonstrating renewed interest. However, things can get messy in the world of crypto, so let's dive in and see what we're dealing with!
Hedera's BBTrend: The Great Bearish Bear
Hedera's BBTrend indicator currently stands at a bearish -1.56 and has been in the negative since May 1. Its lowest reading of -6.76 yesterday marks the most bearish area in over a month, but it's managed to bounce slightly today.
This continued negative trend indicates that downward momentum is ruling the roost, even though short-term selling pressure seems to be easing up a bit. But hey, if things keep on ticking, that BBTrend bear could soon become a sleepy old cub!
The BBTrend, or Bollinger Band Trend indicator, measures the strength and direction of a trend based on its position relative to Bollinger Bands. A reading above +1 suggests strong bullish momentum, while values below -1 indicate solid bearish conditions. Things in HBAR's camp are currently in bearish territory, but the slight rise from yesterday's extreme suggests that the selloff may be losing steam.
If the BBTrend keeps climbing and breaks above -1, it could signal a shift in fortunes or even a pause in the downtrend. But don't get your toes too close to the fire just yet!
Hedera's RSI Gym Challenge
Hedera's Relative Strength Index (RSI) has shot up to 66.2, a significant leap from 31.41 just two days ago. This rapid increase shows a strong shift in momentum, moving HBAR from oversold territory into an area that indicates growing bullish pressure.
Such a move often suggests that buyers are digging in their heels, battling back against recent weakness and potentially planting the seeds for a short-term breakout if the trend continues. The RSI, a popular momentum indicator, ranges from 0 to 100. Readings below 30 suggest oversold conditions, while values above 70 indicate the asset may be overbought and due for a pullback.
We're currently just a smidge below overbought territory, but not quite there yet, which suggests there might still be some upside potential if momentum remains strong. But watch out for any signs of fatigue as the RSI approaches 70 in the upcoming sessions!
HBAR's Next Move: Sink or Swim?
Hedera's EMA lines are narrowing, and we might soon see a golden cross as short-term moving averages approach a crossover over long-term ones. This setup is usually a bullish sign, pointing towards strengthening upward momentum.
If a golden cross confirms and HBAR successfully breaks above the $0.191 and $0.199 resistance levels, the next stops could be $0.215 and $0.258. A leap to those levels represents a potential 38% upside compared to current prices.
On the flip side, if HBAR fails to break through the $0.19 resistance zone, expect a dive. Support at $0.175 would be the first test, with deeper falls possible towards $0.160 and $0.153 if selling pressure increases. HBAR could slide as far as $0.124 in a tough market, marking a possible 33% correction.
So, what's your pick? Will we see a 38% rally, or a 33% correction? The choice is yours!
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- The cryptocurrency Hedera, or HBAR, has experienced a 6% surge in 24 hours, aiming to regain its $8 billion market cap.
- The trading volume of HBAR has increased by 19% to nearly $176 million, demonstrating renewed interest.
- However, HBAR's BBTrend indicator, which measures the strength and direction of a trend based on its position relative to Bollinger Bands, stands at a bearish -1.56 and has been negative since May 1.
- The BBTrend indicator's current reading indicates downward momentum, but a slight rise from its extreme yesterday suggests the selloff may be easing up.
- HBAR's Relative Strength Index (RSI) has jumped to 66.2, moving the cryptocurrency from oversold territory into an area indicating growing bullish pressure.
- If HBAR successfully breaks above certain resistance levels, it could see a potential 38% upside, while a failure to do so might result in a 33% correction.
- In finance and investing, it's crucial to conduct your own research and consult with a professional before making any financial decisions.
- Keep in mind that Plus500 offers crypto futures trading with 0% commission and secure, rapid trading, allowing you to seize Bitcoin's volatility. But remember, the crypto market can be as volatile as a bucking bronco, so always be prepared to adjust your strategy.