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- Hedera jumped over 18%, now hovering around $0.28.
- HBAR’s daily trading volume is up by more than 130%.
The brisk upward movement, with a 4.12% surge, pushed the crypto market toward $3.95 trillion. A wave of green is sweeping across the markets, as assets ride a bullish tide to fresh highs. The assets like BTC and ETH are trading on the upside.
Among the altcoins, Hedera (HBAR) has posted a solid gain of over 18% in the last 24 hours. The asset was trading at its bottom range of $0.238 in the early hours. Upon the potent bullish shift, the price has ascended to a high of $0.2976.
As per CMC data, at the time of writing, Hedera trades at around $0.2849, with its market cap reaching $12.06 billion. Concurrently, the daily trading volume of HBAR has exploded by over 130%, touching $1.75 billion. As reported by Coinglass, the Hedera market’s liquidation stands at $4.50 million.
Hedera has recorded a gain of over 41.94% in the last seven days. The asset opened the week trading at a low of $0.19. With the bullish pressure, the price has climbed, without falling below $0.22, to the current trading range.
Can Hedera Keep the Momentum Going?
Hedera’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This usually signals a bullish crossover and shows that the asset’s price action is gaining strength. It may keep moving upward.
Besides, the Chaikin Money Flow (CMF) indicator settled at -0.04, suggesting slight bearish pressure in the market, with the outflows outweighing the inflows; the sellers are marginally stronger than the buyers at press time.
Assuming the uptrend of Hedera continues to gain, the price might rise and test the nearest resistance at around $0.2855. Sustained bullish correction of the asset could fuel a rally, and the bulls would send it above the $0.2866 mark.
On the downside, if the current momentum fails to hold, HBAR could plunge immediately to the $0.2843 level. If losses continue, the asset might slip into a deeper retracement, pushing the price toward $0.2830.
Additionally, the Bull Bear Power (BBP) reading of 0.06050 reflects slight bullish strength in the market, which could support a continued price rise. Hedera’s daily Relative Strength Index (RSI) at 76.24 suggests it is overbought, signalling a possible pullback or correction.