Hedera’s native token, HBAR, is poised to continue its upward momentum as it has formed a bullish price action pattern on the daily time frame. Today, January 20, 2024, the overall cryptocurrency market appears to be confusing, with some assets witnessing massive upward rallies while others struggle to gain momentum.
HBAR Current Price Momentum
Amid this market uncertainty, HBAR has experienced a price surge of over 8.5% in the past 24 hours and is trading near $0.365. This impressive price increase has attracted traders and investors, leading to a 55% jump in its trading volume during the same period.
However, this impressive participation has been observed after HBAR successfully retested its breakout level. Additionally, the token’s impressive rally has formed a bullish engulfing candlestick pattern on its daily time frame.
HBAR’s Price Action and Key Levels
According to expert technical analysis, HBAR appears to be bullish and is currently facing mild resistance near the $0.38 level.
Based on the recent price action and historical momentum, if HBAR breaches the resistance level and closes a daily candle above the $0.381 level, there is a strong possibility it could soar by 22% to reach the all-time of $0.45 in the future.
RSI and 200 EMA Hints Bullish Signal
Despite the impressive upside momentum, HBAR’s Relative Strength Index (RSI) is below the overbought area, indicating that the altcoin has enough room to soar significantly in the coming days. Meanwhile, HBAR’s 200 Exponential Moving Average (EMA) is currently below the current price, suggesting that the asset is in an uptrend.
With this strong bullish price action, long-term holders appear to be accumulating the tokens, as revealed by the on-chain analytics firm Coinglass. Data from spot inflow/outflow shows that exchanges have witnessed an outflow of over $14 million in HBAR in the past 24 hours.
When combining these on-chain metrics with the technical analysis, it appears that bulls are currently dominating the asset and could help the token reach the predicted level in the coming days.
