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Hedera’s HBAR Technical Setup Points to Breakout as Wave 2 Structure Concludes
The cryptocurrency market has been witnessing a tumultuous ride lately, with various assets experiencing sharp swings in value. In the midst of this volatility, Hedera’s native token, HBAR, has garnered significant attention due to its potential breakout setup.
According to Crypto trader BigBullMike, the current technical structure of HBAR points towards an imminent breakout as Wave 2 correction concludes. This perspective suggests that the asset is poised for a larger upward movement once it surpasses the key resistance barrier around $0.25.
The analysis emphasizes that a daily close above this level would confirm the completion of Wave 2 and pave the way for a potential surge to $0.265-$0.27, with $0.30 serving as the more significant obstacle beyond.
In addition to this, Futures Data reveals no imbalance in leverage positioning, with open interest hovering around 378 million HBAR while funding rate stands flat at approximately 0.01%. This suggests that both longs and shorts are evenly positioned, diminishing any risk of liquidation-driven losses.
Moreover, trading volume has witnessed a significant spike, indicating heightened participation from the community. This increased activity could potentially contribute to an upswing in price if buying pressure sustains momentum.
However, a breakdown below $0.226 would result in a shift towards a downward trajectory, exposing HBAR to potential losses, potentially targeting $0.20.
It remains to be seen how this setup unfolds in the future. One thing is certain: the cryptocurrency market’s unpredictability demands constant attention and analysis from market participants seeking to maximize their returns.
What do you think?
Source: coinchapter.com
