The Fast Recovering Hedera coin (HBAR) price has recently halted at a multi- 30 days resistance of $0.075. With the ongoing uncertainty in the cryptocurrency market, the coin price turned sideways and started consolidating in a narrow range. Nonetheless, this consolidation formed a double-bottom pattern hinting at further growth in HBAR price.
Key Points:
- The double bottom pattern appears when a coin price has dropped twice to the same approximate low and then rises once more, creating the shape of two bottoms followed by a rise.
- A positive tendency breakout from $0.0745 will signal the resumption of a positive tendency recovery.
- The intraday volume of trading in the HBAR coin is $302.4 Million, indicating a 234.5 percent gain.
Source-Tradingview
After a parabolic rally in the 1st 3 weeks of 2023, the Hedera coin (HBAR) price was bound for a minor consolidation or correction. Consequently, the ongoing sideways may stabilize the aggressive buying and validate whether the price can sustain at higher levels or not.
Consequently, as mentioned over, this consolidation shaped into a famous positive tendency reversal pattern was known a double bottom pattern. In the core concept, the prices rebounded twice from the same level, indicating the buyers are aggressively accumulating at this support or the seller’s failure to prolong the downtrend. In doing so, the coin gets a chance to replenish positive tendency momentum.
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By the press time, the hedera coin price trades at $0.0743, with an intraday gain of 3.2%. Consequently, the positive tendency candle tries to breach the $0.0745 neckline resistance of the double bottom pattern. A daily candle closing over the neckline will release the buying pressure and resume a positive tendency recovery.
The post-breakout rally may surge the price 13 percent higher to challenge the $0.0843 barrier.
On a contrary note, if the HBAR Coin remains below the $0.0745 barrier, the consolidation phase may prolong for several more trading sessions.
Technical Indicator
MACD: the capacity positive tendency crossover betwixt the MACD (blue) and the signal(orange) line would offer additional confirmation on uptrend continuation.
Bollinger band: the HBAR price hitting the upper band of the indicator suggests the buying activity is aggressive for the given time.
Hedera Coin (HBAR) Price Intraday Levels
- Spot rate: $0.074
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.74 and $0.83
- Support levels- $0.64 and $0.54
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