- Hedera surged over 9%, trading at $0.2597.
- HBAR’s daily trading volume has fallen by over 13%.
A swift rally in the crypto market led to a brief upswing, pushing the global market cap to $2.9 trillion after a 5.07% jump. Among altcoins, Hedera (HBAR) followed suit, spiking 9.97% in the last 24 hours.
HBAR underwent a modest bearish pressure in the early hours, dragging the price to a low of $0.2266. Upon the wake of bulls, the asset chose to trade on the upside, visiting a high of $0.2582.
At the time of writing, Hedera trades at $0.2597, with its market cap resting at $10.88 billion. Notably, the market has observed a liquidation of $2.42 million worth of Hedera. Concurrently, the daily trading volume of HBAR stays at $941 million.
Over the last seven days, Hedera has gained over 31.22%. The asset opened the week trading at $0.1973. The weekly low and high prices are observed at $0.18 and $0.2838.
Is HBAR Poised to Extend Its Rally?
Assuming Hedera continues to gain on its upside, it might test the crucial resistance at $0.2586. Sustained momentum in HBAR could fuel a rally, and will likely send the asset toward the $0.27 mark.
On the downside, if the bullish momentum weakens, the asset could immediately plummet below $0.2512. Prolonged losses might lead Hedera into a deeper retracement, extending its downward trajectory.
The Moving Average Convergence Divergence (MACD) line has crossed briefly above the signal line. This indicates a weak bullish crossover and the momentum is shifting towards the upside. But the trend remains uncertain.
Besides, the Chaikin Money Flow (CMF) indicator at -0.17 suggests the distribution outweighs accumulation with strong selling pressure. Meanwhile, the daily trading volume of HBAR has dropped by over 13.40%.
The Bull Bear Power (BBP) value of 0.02617 signals mild bullish momentum in the market. The daily relative strength index (RSI) is found at 61.31 implying that the asset is not yet overbought but has room for further gains.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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