HBARs Double Bottom Formation: Can It Break Resistance and Hit $0.416?
- HBAR surged 30% from key support, forming a Double Bottom pattern, signaling a potential bullish trend reversal.
- Breaking the liquidity zone could trigger further gains, with resistance at $0.29578 and a target of $0.41618.
- HBARs 24-hour volume hit $883.1M, reflecting strong demand, but traders watch for a breakout or possible pullback.
Hedera (HBAR) displayed volatility on the weekend, rising 30% from a critical support level. On Sunday, in the X post, Crypto analyst Rose Premium Signals indicated that HBAR may continue the bullish run, with the technical implications suggesting a reversal of the trend. Traders are now focusing on strength and direction to continue, especially in rallying above the level of a breakout.
HBAR Potential Bullish Rally
A Double Bottom pattern is formed in the HBARs price chart pattern. This pattern usually indicates that an asset has reached its lowest price for the given period and is likely to rebound soon. If the price sustains itself above the recent dips, more people are expecting the price to go up, supporting the positivity in the market.
According to the analysis, depicts a very important liquidity zone, the area that investors need to focus on. In particular, if token manages to break through this zone, it will act as a signal for further growth. Such a move would suggest that buyers are firmly in control hence boosting the chances of a continued rally.
Next key level of resistance is $0.29578. If this level is broken to the upside to form a bullish setup, it might be pointed towards $0.41618 in the subsequent sessions. Pundits argue that its penetration below this level could attract more buyers thus fueling the rally even more.
Positive sentiment continues to be observed from the market on Hedera supported by market indicators and volume. This makes traders to be careful since failure to hold at the current levels could mean a pull back and try again to break the resistance.
Market Trend Analysis
At the time of writing this article, Hedera (HBAR) is trading at $0.2494, which is 8.07% up over the last 24 hours. This symbol holds a slight lead in the previous week of trading and is up by 18.8%. The daily trading volume for HBAR has reached $959.33 million, suggesting increased market participation and demand within the asset. The volumes are also on the rise in its relation to the price which indicates that there is hope for further price appreciation.
Source: TradingView
Turning into the new trading week, a lot of attention is paid to HBARs price movement. A further increase in the price could take the position of one of the best-performing cryptocurrencies in the current market. The future of HBARs trend in the short term depends on whether the increase will continue up to the key levels of resistance or it will be stopped there.
Read more: https://www.tronweekly.com/hbars-double-bottom-formation-can-it-break/
Text source: TronWeekly
