Hedera’s HBAR has bucked the broader market dip to record a slight 1% rally over the past 24 hours. As of this writing, the altcoin trades at $0.17.
This upward movement comes amidst signs of a resurgence in new demand for the altcoin, as highlighted by key technical indicators on the daily chart.
HBAR Bullish Trend Gains Strength
Readings from HBAR’s Moving Average Convergence Divergence (MACD) reveal that on April 9, the token’s MACD line (blue) climbed above its signal line (orange), forming a “golden cross.”
A golden cross occurs when the MACD line crosses above the signal line, signaling a potential bullish trend and increased buying pressure. This confirms that HBAR’s upward momentum is gaining strength, especially as investors commonly view this pattern as a buy signal.
Moreover, as of this writing, HBAR’s Relative Strength Index (RSI) is poised to break above the 50-neutral line, highlighting the spike in fresh demand for the altcoin. It is currently at 49.17 and remains in an uptrend.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 49.17 and climbing, HBAR’s RSI signals a gradual shift from bearish territory into a more neutral zone. If the altcoin’s RSI continues to rise above 50, it would signal increasing bullish sentiment, driving up HBAR’s value.
HBAR Eyes $0.19 Amid Strong Buying Pressure
HBAR’s surge over the past day has pushed its price above the key resistance formed at $0.16, which has kept the token in a downtrend since March 30.
With growing buying pressure, the token could flip this zone into a support floor. If successful, it could propel HBAR’s price to $0.19.
However, if traders resume profit-taking, HBAR’s current rally would halt, and the token’s price could fall below $0.16 and decline toward $0.12.
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