Hedera Hashgraph Pops Out From Downtrend, Will Price Retest $0.1

2022-10-8 23:00

HBAR’s price shows the market a glimpse of bullish hope as the price broke out of its long-range movement with strong volume. HBAR trades above key resistance as price breaks out of range holding above 8 and 20-day EMA. The price of HBAR eyes a recapture of $0.1 as key resistance was flipped into support with more buy orders. 

The price of Hedera Hashgraph (HBAR) has continued to show its strength as price trends with a key breakout from a downtrend range against tether (USDT). With the crypto market cap bouncing from its weekly low as the market continued to look promising, the Hedera Hashgraph (HBAR) price was not left out as the price broke out of its long daily range, with the price trending to a higher height. (Data from Binance)

Hedera Hashgraph (HBAR) Price Analysis On The Weekly Chart.

The crypto market received relief, as most crypto altcoins expected. However, despite the recent price surge in most crypto assets, some altcoins have remained range-bound.

As the price of HBAR could not break out with real volume in previous months, it was stocked in a range-like box. HBAR’s price continued to move between $0.05 and $0.077 before breaking out and trending higher.

After a long-term movement, and with the month looking good for most altcoins, as many refer to it as the month of Uptober, the price of HBAR could be set for a break out as the price aims to rally to the $0.1 region.

HBAR’s use case has attracted a lot of traders, investors, and huge organizations, which could also be a huge catalyst to influence the price of HBAR shortly as many tips the price to rally to a high of $1. 

Weekly resistance for the price of HBAR – $0.1.

Weekly support for the price of HBAR – $0.050.

Price Analysis Of HBAR On The Daily (1D) Chart Daily HBAR Price Chart Analysis | Source: HBARUSDT On Tradingview.com

On the daily timeframe, the price of HBAR continues to show strength as it pulls some gains despite the market appearing to have stalled in price movement; after hitting a daily low of $0.05, the price of HBAR rallied to a high of $0.082 before being rejected into a downtrend channel as it struggled to break out.

The price of HBAR is attempting to break out of this downtrend channel; if successful, the price of HBAR could rally aggressively as bulls would be ready to send the price to $0.1, gaining significant price control.

The Relative Strength Index (RSI) for HBAR shows low buy order as the value is below the 50 mark area on the daily timeframe.

Daily resistance for the HBAR price – $0.1.

Daily support for the HBAR price – $0.055.

Featured Image From Zipmex, Charts From Tradingview

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