Can HBAR Bull Flag Formation Push the Token Back to $1?
Despite experiencing a 10% pullback in the past 24 hours, Hedera (HBAR) price has the potential to erase this loss. This assertion comes as an HBAR bull flag forms, suggesting that the drop to $0.29 may not be sustained.
In addition to technical patterns, other factors suggest a sharp rebound may be brewing.
Hedera could breakout as traders bet on recovery
On Christmas Day, the price of HBAR was $0.32, but at the time of writing, Altcoins have fallen in value to $0.29. This decline may be attributed to rising selling pressure and a lack of significant buying pressure in the market.
However, HBAR Price Trend The 3-day time frame shows that it has formed a bull flag pattern. A bull flag pattern resembles a flag on a pole and is considered a bullish pattern. It usually forms after a strong price increase, followed by a brief consolidation or pullback.
After validation, the pattern is seen as a continuation of the uptrend. As the HBAR bull flag forms, the altcoin’s price could surge towards $0.40.
it’s also It seems traders are looking forward to As funding rates show, the value of cryptocurrencies will rise. The funding rate represents the cost of holding an open position in a perpetual contract.
When the funding rate is positive, the perpetual price trades at a premium to the spot price, open long positions pay the funding fee, and open short positions receive the funding fee. Conversely, when funding rates are negative, the perpetual price will trade below the index price.
According to Santiment Hedera, its financing rate is in positive territory at 0.01%. If it persists, dominant open long positions may Pushing HBAR prices higher In the short term.
HBAR Price Prediction: A possible rise to $0.40
according to HBAR Weekly/U.S.On chart D, the Moving Average Convergence Divergence (MACD) is in positive territory. MACD is a technical indicator that uses the relationship between the 12-period and 26-period exponential moving averages (EMA) to measure momentum.
When the reading is positive, momentum is bullish. However, a negative MACD rating indicates bearish momentum. Therefore, the current reading of this indicator suggests that the price of HBAR is likely to climb higher in the near term.
If altcoins maintain this trend, The value of the token may rise to $0.40, as previously stated. If buying pressure increases, it could jump to the $1 mark.
However, this may not happen if the HBAR bull flag is invalid. Instead, the cryptocurrency’s price may slip to $0.17.
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.
