Is It Too Late To Buy HBAR? Hedera Price Soars 45% And This Might Be The Next Crypto To Explode
The Hedera price soared 45% in the last 24 hours to trade at $0.2476 as of 02:27 a.m. EST on trading volume that skyrocketed 206% to $3.4 billion.
Hedera Price On A Strong Bullish Trend
The HBAR/USD chart analysis on the 4-hour timeframe exhibits a strong bullish trend, as evidenced by the significant upward price movement, increasing volume, and the position of technical indicators.
According to data from GeckoTerminal , the $0.14 support allowed the bulls to take charge, pushing the price of Hedera through a sustained parabolic rise.
HBAR, as a result of the continued surge, now trades above both the 50-day and 200-day Simple Moving Averages (SMAs). The current position also shows that the HBAR price is currently on a sustained bullish rally.
The Relative Strength Index (RSI) is in the overbought zone, currently at 85. This suggests that the asset has experienced a strong rally and may be prone to a pullback or consolidation in the near term. However, in strong uptrends, overbought RSI can persist as buyers dominate the market.
Meanwhile, the Moving Average Convergence Divergence (MACD) is also bullish, as the blue MACD line crosses above the orange signal line.
A sustained bullish rally could see the price of Hedera surge even further, targeting the next possible resistance at $0.40.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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