HBAR Flashes Bullish Signal as Price Defies Market Slump!
Over the last day, Hedera’s HBAR has seen a modest 1% rise, defying the overall market decline. The altcoin is now trading at $0.1726. As indicated by important technical indicators on the daily chart, this upward rise coincides with indications of a renewed demand for the altcoin.
According to HBAR’s Moving Average Convergence Divergence (MACD) readings, a “golden cross” was formed on April 9 when the token’s MACD line (blue) rose above its signal line (orange). A possible bullish trend and greater buying pressure are indicated by a golden cross, which happens when the MACD line crosses over the signal line. Given that investors typically interpret this pattern as a buy signal, this demonstrates that HBAR’s upward momentum is intensifying.
HBAR Breaks Key Resistance: Is a Surge to $0.19 Next?
Furthermore, HBAR’s Relative Strength Index (RSI) is about to surpass the 50-neutral mark as of this writing, underscoring the increase in new demand for the altcoin. HBAR’s RSI, which is currently rising at 49.17, indicates a slow transition from a bearish to a more neutral area. The value of HBAR would increase if the altcoin’s RSI kept rising over 50, which would indicate growing bullish sentiment.
The recent spike in HBAR’s price has lifted it beyond the crucial resistance level of $0.16, which had held the token in a downward trajectory since March 30. The token may turn this area into a support floor if purchasing pressure increases. If it works, the price of HBAR might rise to $0.19.
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