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HEDERA PRICE ANALYSIS & PREDICTION (January 20) – Hbar Breaks Out: Hits New High Following a 40% Weekly Surge
Hbar has been on the bulls’ radar for the past few days following strong fundamentals surrounding the asset over the past week. It broke briefly out to a new high as the bulls stepped back, but can they stay long?
The past month saw Hbar through a little retracement as the price tested a low of $0.23 a month ago. This low level held firmly and the price recovered briefly for days before losing grip again and falling. However, the price quickly bounced back from $0.25 on Monday. Technically, that bounce brought an end to the correction phase and the price increased significantly the following day. Volatility increased yesterday and the price broke out to a new high of $0.4 today.
The breakout is not clear enough, but looking at the market structure, we can expect a bigger price movement in the coming days. This anticipated movement could see us reach the $1 level as the demand level rises. Looking at the price actions, the bulls are fully back in control. Although the bears are in disbelief and hope to claim more lows – but currently appear trapped on the daily chart. They will likely suffer more losses when the bulls mount pressure in the market.
Following the price break, the resistance levels to consider for a test on the way up are $0.5 and $0.6. A continuous surge through these levels could bring us to $0.7 in no time. The support level to watch for a pullback is $0.30. If the price pulls below $0.234, we may see a breakdown to the $0.187 level.
Key Resistance Levels: $0.5, $0.6, $0.7
Key Support Levels: $0.30, $0.234, $0.187
Spot Price: $0.371
Trend: Bullish
Volatility: High
Source: nulltx.com
