Hedera price analysis: HBAR breaks above $0.25, as bulls gain 18 percent https://ift.tt/3E0F17m

TL;DR Breakdown

• Hedera price analysis is bullish today.
• The nearest resistance is found at $0.280.
• The nearest support for HBAR is found at $0.256.

The Hedera price analysis is bullish today as the price has broken above the $0.25 mark. HBAR has shown good progress during the last three days as bulls have gained quite some momentum during this time. Overall during September, HBAR peaked at $.506 all-time high and maintained its price in the upper price envelope until the price function peaked again at $0.452 on 12th November.

The cryptocurrency wasn’t successful in marking another ATH but showed a good performance overall. However, from 13th November onwards, the crypto pair started to decline and has lost nearly 50 percent value over the past month. But bulls have elevated the price to a good degree again.

HBAR/USD 1-day price chart: HBAR on the road to recovery

The 1-day price chart for Hedera price analysis shows the cryptocurrency has recovered from the losses to a great extent as the price is at a weekly high level right now. HBAR is trading hands at $0.271 at the time of writing as bulls have market more than 18 percent profit in price value over yesterday and have elevated the price to the level where the weekly ratio has also turned positive and reports a 3.9 percent increase in value over the past week. The market cap has gone up by 16.8 percent, and the trading volume has surged by 77.4 percent resulting in market dominance of 0.21 percent.

The downwards breakout of Bollinger bands seems to be nearing its end now as the lower band has stopped moving further down, but the upper band is maintaining its distance indicating high volatility. The price is trading between the mean average of the volatility indicator and the lower limit, which at $0.288 and $0.204 represents resistance and support for the crypto pair, respectively.

The relative strength index (RSI) had shot up to index 43 during the current bulls rally, coming up from the undersold region when the price was trading near the $0.22 range. The RSI indicates the buying activity going on in the market. Another bullish indication is the price crossing above the moving average (MA) level, which is trading at $0.251.

Hedera price analysis: Recent developments and further technical indications

The 4-hour Hedera price analysis shows the price shot fast upwards at the start of the trading session following the aggressive bulls rally of the second half of the previous trading session when HBAR performed extremely well. However, selling pressure has been seen over the rest of the day, as the price has been decreasing and increasing near the same level. And bears have been leading in the last four hours as well.

The Bollinger bands are showing divergence on the 4-hour chart, with the upper band moving up at the $0.279 mark representing resistance and the lower band is moving downwards at the $0.206 mark representing support. The RSI shows a downwards slope due to the selling activity that started eight hours back and has gained momentum during the last four hours. However, the RSI on the 4-hour chart is still in the upper neutral range at index 61.

Hedera price analysis: Conclusion

The Hedera price analysis is overall bullish as the price is still on the higher side despite the 12 hours of bearish activity today, which indicates the price has reached a strong resistance zone after making a high spike overnight. If bulls get more support, then they can at least break past the $0.271 level near the $0.281 level as a spike high towards the last mark has already been observed today.

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