CryptoStar

2024/11/15 15:15

Hedera Breakout Run Gains Momentum

Hedera Breakout Run Gains Momentum

In the weekly chart, the HBAR token shows a trendline breakout rally gaining momentum. The trendline breakout concludes the pullback phase started in early 2024, after creating a peak at $0.14. 

Currently, it is trading at $0.065 and is currently creating a second consecutive weekly bullish candle. As the bullring gains momentum, the HBAR price has increased by nearly 60% in the last 12 days. 

In the weekly chart, the bullish reversal is currently challenging the 100-day simple moving average line, as it had faced higher price rejection from the 50-day SMA. A bullish breakout above the 50-day SMA line is likely to challenge the 23.60% Fibonacci level at $0.133. 

As the bullish influence grows, the MACD and signal lines are giving a positive crossover, as furthermore the positive histograms are resurfacing, increasing the possibility of a bullrun. 

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