The cryptocurrency market has displayed a strong bullish recovery over the past few days. This has led to altcoins adding significant value to their respective portfolios within a short period. One such token is Hedera ($HBAR), which has surged over 21% during this period, resulting in it gaining the spotlight.
With this, investors are now closely monitoring the social and market sentiments of this altcoin. Furthermore, marketers are curious with numerous questions regarding the short-term and long-term price prospects of this project.
In this write-up, we will explore the technicalities and market sentiment of the 15th-largest cryptocurrency by market capitalization, the Hedera token.
HBAR Price Slingshots 20% in Just 7 Days!
The Hedera price has successfully retested its $0.20 mark today, resulting in it recording a clean breakout trend. Notably, this altcoin was trading within the funnel since the year began. After countless attempts and efforts, this altcoin has finally managed to break out of the pattern this week and form a strong bullish trend.
The Cross EMA 50/200-day is on the path of experiencing a Golden Cross in the daily time frame. This highlights an increase in the buying-over-selling pressure for the altcoin in the cryptocurrency market.
On the other hand, the Relative Strength Index (RSI) displays a constant rise toward the overbought range in the HBAR price chart. Moreover, with its average trendline recording a similar trend, the Hedera coin price may continue gaining value next week.
Will Hedera Price Go Up?
If the bulls push the price of HBAR crypto above its immediate resistance level of $0.20, this could result in it preparing to test its upper price target of $0.25. If the bullish sentiment sustains at that point, this could push the value of it toward its target price of $0.30 in the upcoming time.
On the contrary, if a bearish trend reversal occurs, the Hedera token could drop toward its support level of $0.15. Furthermore, if the negative trend intensifies, the price of this altcoin could plunge toward its crucial support level of $0.12 this month.
Also Read: Dogecoin or Shiba Inu, Which One Will Bag More Gains Next Week?
