Hedera Hashgraph (HBAR) is in the process of attempting a breakout above both the horizontal and diagonal resistance levels.
The weekly chart shows that the HBAR has regained the $ 0.365 zone after deviating below it (red circle). This is a bullish development and usually leads to significant upward movements.
If the current price holds up until the end of the week, this will be the highest weekly close ever. It remains to be seen whether the course will hold the current level.
Weekly HBAR / USDT Chart | Source: TradingView
The HBAR has been moving up since September 21st. The upward movement is contained in an ascending parallel channel. Usually such channels contain corrective movements. This means that the trend is down and the current rally is just a correction.
However, HBAR is in the upper part of the channel and is currently making its fourth attempt to break out. Even if it failed three times (red symbol), the resistances become weaker with every touch. Therefore, it is very likely that HBAR will break out on this attempt.
Additionally, the token is just trading above the horizontal resistance area of $ 0.43. If he succeeds, he is expected to break out on the canal.
Technical indicators are relatively optimistic. The MACD, formed from the short and long-term moving averages (MA), is in positive territory and moving upwards. This means that the short-term trend is increasing faster than the long-term trend.
The RSI, a momentum indicator, is above 50. This is an indication that momentum is increasing.
Therefore, technical indicators suggest the possibility of an outbreak.
Daily HBAR / USDT Chart | Source: TradingView
Analyst @CredibleCrypto outlined the HBAR chart, suggesting the token is making another attempt to move above the $ 0.43 horizontal resistance area. He believes it will break through successfully. This coincides with the signals from the daily timeframe.
The source: Twitter
The wave number shows that HBAR is in the fifth wave (orange) of a long-term uptrend that started in 2020. This is the final wave before a long-term correction.
In addition, the token has made a high within the target given by the external fib retracement level of 1.61 (black) and the 1: 1 fib projection of waves 1-3 (orange).
Despite the possibility of a short-term breakout, the long-term chart suggests that the HBAR’s upward momentum will be limited as it has already reached its first potential target for the top of the move.
HBAR / USDT 3-day chart | Source: TradingView
You can get the price from HBAR. see Here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto