Hedera Coin Price Jumps 10% Despite Market Negatives

Published 21 minutes ago by
Brian Bollinger Today, the Hedera coin price is among the few cryptocurrencies that are seeing strong gains. The majority of coins are going south, but the HBAR’s daily charts show that buyers are making a break from the last three weeks consolidation by achieving a $0.075 resistance breakout. Here’s how this range breakout may influence this coin’s future price.advertisementKey Points:Multiple higher price rejection candle near the $0.075 resistance indicates a high supply zone.
A potential bullish crossover of 20- and 200-day EMAs could increase the underlying buying pressure.
The intraday trading volume for the HBAR coin was $146.6 Million, which is a 110% gain.
Source-TradingviewAfter its parabolic in January 2023, the Hedera coin price went sideways below $0.075. Source-TradingviewThe Hedera coin price fell below $0.075. This was due to uncertainty in the crypto market. The parabolic price of January 2023 saw the Hedera coin price drop to $0.075 and $0.0624, creating a range-bound rally. The SEC filed a criminal complaint against Kraken cryptocurrency exchange on February 9th. This was based on allegations that Kraken violated securities laws by offering staking as a service. Trending StoriesThe Hedera coin price rose 8% today, despite the negative sentiment in the market. A bullish candle with sufficient volume and a long bullish candle is enough to show buyers that they are trying to break the $0.075 range resistance. Furthermore, the post-breakout rally may drive the HBAR price 10% up to hit the August 2022 peak of $0.084.On a contrary note, if the coin price reverts back below the $0.075 level, the ongoing consolidation may extend for a few more sessions.Technical IndicatorRSI: After a sharp drop, the daily RSI slope showing sustainability above the midline indicates market sentiment for this coin remains bullish.advertisementEMAs: the rising 20-50-and-100-day EMA slope projects a strong recovery rally in the Hedera coin. These slope coins provide significant support during pullbacks.
Trend: Bullish
Volatility is high
Resistance levels: $0.0845 and $0.1
Support levels: $0.075 and $0.063
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