Hedera (HBAR) Rallies With 15% Surge, but Bulls Face Key Continuation Test

Key Takeaways

• HBAR’s price has surged 15% in 24 hours, jumping from $0.13 to $0.16, which aligns with the broader altcoin market rally.
• Despite the price increase, HBAR remains stuck in a descending channel, a bearish pattern signaling a continued downtrend.
• The Supertrend indicator has flipped red and sits above HBAR’s price, suggesting that the market trend is still bearish.
• Interested in buying or selling HEDERA HBAR? Read our review of the best exchanges to buy and sell HEDERA HBAR.

Hedera (HBAR) is one of the cryptocurrencies with a double-digit hike today. In the last 24 hours, HBAR’s price has climbed by 15, erasing a part of the losses it had endured for weeks.

On Monday, April 7, HBAR’s price jumped to $0.13. Today, it has increased to $0.16, which aligns with the broader altcoin rally.

However, despite this price increase, it does not seem that HBAR’s price will continue to climb.

HBAR Battles Key Resistance

From a technical perspective, HBAR’s price is still trading within a descending channel. A descending channel is a bearish pattern defined by two parallel, downward-sloping trendlines that contain a sequence of lower highs and lower lows, indicating a sustained downtrend.

As of this writing, HBAR’s rise to $0.16 has ensured it is now flirting with the upper trendline. Typically, if the price breaks above the upper trendline, then an extended rally could be next.

However, the recent increase was not reflected in the momentum. On the daily chart, the Relative Strength Index (RSI) has remained below the 50.00 neutral line.

This position indicates bearish momentum. If sustained, this could restrict HBAR’s price from trading higher.

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Like the RSI, the Awesome Oscillator (AO) reading has also failed to rise above the signal line. If this continues, then HBAR’s price might struggle to climb higher than $0.16.

HBAR Price to Fall Back

Further analysis of the daily chart reveals that the Bull Bear Power (BBP) indicator is in negative territory. The BBP gauges the strength of buyers (bulls) relative to sellers (bears).

When the histogram displays green bars, it suggests bullish dominance. On the flip side, red bars indicate that bears are in control. Given the current negative reading, HBAR might not maintain its upward momentum.

In addition, the red line of the Supertrend indicator has risen above HBAR’s market value. The Supertrend indicator is used to identify market trends and generate buy or sell signals.

It plots a dynamic line on the price chart that changes color — green to indicate a bullish trend and red to signal a bearish one. Should this trend continue, HBAR’s price might struggle to rise above the 0.382 Fibonacci level, which is a key resistance.

If validated, HBAR might retrace to $0.13. If the broader market condition does not improve from its current level, the altcoin might drop to $0.10.

On the flip side, if bulls outpace bearish dominance, this trend might change. In that scenario, HBAR’s price might jump to $0.18.

In a highly bullish scenario, the Hedera native token value could rise to $0.26, which is the 0.618 golden pocket ratio.