Key takeaways
- Hedera’s HBAR is the third-best performer among the many prime 20 cryptocurrencies by market cap.
- The coin is focusing on the $0.32 resistance stage after overcoming $0.24 a couple of hours in the past.
HBAR rallies as BTC units a brand new all-time excessive
The cryptocurrency market is having a optimistic begin to the week because of rallies by Bitcoin, Ether, XRP, HBAR, and different main cash and tokens. The rally comes after final week’s glorious efficiency and will prolong additional as traders put together for a vital week in the US.
Bitcoin has set a brand new all-time excessive of $122,800 a couple of minutes in the past after including 4% to its worth within the final 24 hours. Ether and XRP, the 2 main altcoins, are additionally buying and selling within the inexperienced.
HBAR, the native coin of the Hedera blockchain, is up 10% within the final 24 hours, making it the third-best performer among the many prime 20 cryptocurrencies by market cap. The coin has now surpassed the $0.24 resistance stage and will rally greater quickly.
HBAR targets $0.32 as bulls look to increase rally
The HBAR/USD 4-hour chart is bullish however inefficient, suggesting that the pair may sweep liquidity to the draw back earlier than embarking on any upward rally. The technical indicators are bullish, suggesting an additional rally within the close to to medium time period.
The Relative Energy Index (RSI) of 74 exhibits that HBAR is heading into the overbought area if the optimistic momentum holds. Moreover, the MACD traces are throughout the optimistic zone, indicating a bullish bias.
If the bulls stay in management, HBAR may rally in direction of the primary main resistance stage at $0.28452, final examined on March 2nd. Within the occasion of an prolonged rally, HBAR may retest the $0.32281 stage for the primary time since January.
Nonetheless, if the bulls fail to leverage this momentum, HBAR may retest the ILQ stage at $0.22556 within the coming hours or days. An prolonged bearish situation would see HBAR drop to the TLQ stage at $0.19152.
