Hedera (HBAR) Price Breakout and Long-Term Reversal Analysis

The Hedera (HBAR) Price Breaks Resistance, Indicators Support Bullish Trend

The Hedera (HBAR) price has experienced a significant increase, breaking a long-term diagonal resistance line on August 14. This breakout suggests a potential long-term reversal for HBAR. The price action and indicators from multiple timeframes indicate a bullish trend, further supporting the ongoing increase.

Main Breakdowns:

HBAR broke out from a 511-day resistance line in February, indicating the completion of a previous correction and the start of a new movement.
HBAR failed to sustain its increase and was rejected by the $0.090 horizontal resistance area. However, it found support at $0.040 and has been increasing since.
The weekly RSI is above 50 and increasing, indicating a bullish trend.
On the daily timeframe, HBAR broke out from a shorter-term descending resistance line and validated the $0.057 horizontal resistance area as support.
The daily RSI is also above 50 and increasing, further supporting the bullish trend.

Based on these bullish signs, the HBAR price is predicted to continue increasing and potentially break out above the $0.090 resistance area. However, a close below $0.057 would invalidate this upward movement and could lead to a decrease to the June lows at $0.040.

Hot Take:

The Hedera (HBAR) price has shown strong bullish momentum, breaking resistance levels and receiving support from key indicators. If the bullish trend continues, HBAR could experience significant growth in the near future. However, caution should be exercised in case of a potential reversal. Keep an eye on the price level of $0.057, as it will be a critical factor in determining the future direction of HBAR.