Will the HBAR Token Price Break Its Three-Year High?
HBAR, the native token powering the Hedera Hashgraph distributed ledger, has surged 11% in price over the past 24 hours. This price increase comes amid a significant increase in demand for the coin over the past few days.
Technical analysis suggests HBAR could rise further. The analysis highlights price levels that token holders need to keep an eye on.
Hedera token holders increase their holdings
Readings from HBAR daily chart display Despite the recent pullback, its price remains above the Super Trend indicator, which continues to provide dynamic support at $0.23.
The Super Trend indicator tracks the direction and strength of an asset’s price trend. It appears as a line on a price chart that changes color to indicate a trend: green indicates an uptrend and red indicates a downtrend.
If the asset price is above the super trendline, it indicates bullish momentum in the market. In this case, this line provides dynamic support and as long as the price remains above it, the bullish trend is likely to continue.
also, HBAR Rising Chaikin Fund Flows (CMF) hints at the possibility of a sustained rally. At press time, the value was 0.05.
This indicator measures the flow of money into and out of an asset market. Like HBAR, when it is positive during a price increase, it indicates strong buying pressure as there is more volume flowing into the asset than out of the asset. This suggests that price increases are supported by real accumulation, increasing the likelihood of a continuation of the upward trend.
HBAR Price Forecast: Bullish target $0.39, Bearish target $0.24
According to the Fibonacci retracement tool, HBAR’s price will revisit the three-year high of $0.39 and rebound above that level if accumulation continues. In order for this to happen, this price level must flip to support.
On the other hand, if the sell-off resumes The price of HBAR will fall Some recent gains and trends are at $0.24. A break below this level will lead to further losses from the super trending dynamic support at $0.23. If this level fails to hold, HBAR token price could plummet to $0.16.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
