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Brian Bollinger The Fast-Recovering Hedera Coin (HBAR), price recently stopped at $0.075. The ongoing uncertainty in the cryptocurrency market caused the coin price to turn sideways and start consolidating in a narrow range. However, this consolidation formed a double-bottom pattern hinting at further growth in HBAR price.advertisementKey Points:The double bottom pattern appears when a coin price has fallen twice to the same approximate low and then rises again, creating the shape of two bottoms followed by a rise.
A bullish breakout above $0.0745 will signal a resumption bullish recovery.
The intraday trading volume for the HBAR coin was $302.4 Million, which is a 234.5% gain.
Source-TradingviewAfter a parabolic rally in the first three weeks of 2023, the Hedera coin (HBAR) price was bound for a minor consolidation or correction. The sideways continue to stabilize the aggressive buying and validate if the price can sustain higher levels. This consolidation formed into a bullish reversal pattern known as a double bottom. The core concept shows that the prices rebounded twice at the same level. This indicates that either the sellers are failing to extend the downtrend or the buyers are aggressively buying at this support. The coin has the chance to regain bullish momentum. Trending Stories The bullish candle attempts to break the $0.0745 neckline resistance in the double bottom pattern. A daily candle closing above this neckline will relieve the buying pressure and restart a bullish recovery. The price may rise 13% to challenge the $0.0843 threshold after a breakout rally. On a contrary note, if the HBAR Coin remains below the $0.0745 barrier, the consolidation phase may prolong for a few more trading sessions.Technical IndicatorMACD: the potential bullish crossover between the MACD (blue) and the signal(orange) line would offer additional confirmation on uptrend continuation.advertisementBollinger band: the HBAR price hitting the upper band of the indicator suggests the buying activity is aggressive for the given time.Hedera Coin (HBAR) Price Intraday LevelsSpot rate: $0.074
Trend: Bullish
Medium Volatility
Resistance levels: $0.74 and $0.83
Support levels: $0.64 and $0.54
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story