Following last month’s surge that hit the entire crypto space, Hedera’s Hbar rallied hard to a new yearly high after nine months of trading. It is taking a little break while the trend remains highly bullish on the daily.

Changing sentiments to bullish in November, Hbar saw a mind-blowing recovery from a seven-month bearish correction as it rallied by almost 10x within a month. Unfortunately, it faced a rejection and halted the rally.

Since the price recovered above $0.24 a few days ago, it has remained indecisive with choppy price actions. Though the bulls are trying to push higher but it appears there is not enough buying volume in the market as the price stalled at around $0.3. An increase above the level should bring trading back to the recent high before exploding to a new monthly high.

Failure to break higher may lead to another sell capable of plunging the price under the $0.2 level. Such scenarios may slow down bullish action for a while before climbing back. Volatility appears low at the moment.

Looking at the daily volume indicator, which is now on the fall, Hbar’s bulls appeared exhaustedly weak but the price is still up 7% weekly. While this suggests that the market is still under the bulls’ radar, we can expect more growth in the future.

Pushing higher, the bulls could retake the current monthly $0.392 high marked last week. Breaking through it to $0.4, the next level to consider for a test is $0.5 and $0.6.

If a drop occurs, the holding $0.234 support may be revisited. Losing grip above that support, the $0.187 level is the next support to watch, followed by $0.126.

Key Resistance Levels: $0.392, $0.5, $0.6

Key Support Levels: $0.234, $0.187, $0.126

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: whyframeshot/123RF // Image Effects by Colorcinch

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