Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only
- HBAR’s position was in the neutral market.
- A typical breakout to the upside could target $0.0426.
- A break below $0.0387 will give the bears more lifeanger.
honor [HBAR] He has had an impressive victory over the past seven days. At the time of writing, it is trading at $0.0399 and looks eager to break above $0.0400.
A cross could happen if BTC rises above $16,945. At press time, BTC is facing rejection at the aforementioned level, which could make another HBAR move difficult.
However, technical indicators on the 12-hour chart suggest otherwise.
Read honor [HBAR] predict the price 2023-24
Is a chronic outbreak likely?
HBAR rose from $0.0365 to $0.0400, up about 10% over the past seven days.
The Relative Strength Index (RSI) rose from the oversold area and was just above the midpoint of 50 units. Unbalanced Volume (OBV) also recorded its lowest levels since the beginning of the year to date. This indicates an increase in buying pressure as trading volume increases.
If volumes pick up, the bulls might break out the pattern with a target of $0.0426. However, there are still some hurdles to be overcome along the way.
Alternatively, the HBAR may decline if the RSI declines near the midpoint. Some rejections around the midpoint in the past have led to a price reversal, and a similar trend could send the HBAR into a correction. Bitcoin’s decline could accelerate a price reversal.
Such a bearish move could force HBAR to retest or break the $0.0387 support, invalidating the bullish bias described above. In addition, HBAR formed a bearish flag pattern that could target $0.0344 in case of a sharp bearish breakout.
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HBAR has seen massive development activity over the past week, but…
According to Santiment, HBAR price has consistently followed development activity. Development activity has increased steadily over the past week, boosting investor confidence in the network, which is reflected in the weighted improvement in sentiment over the same period.
In addition, the demand for HBAR in the derivatives market improved with Binance funding rate for the HBAR/USDT pair improving over the same period.
However, sentiment and funding rate for Binance were neutral at the time of writing, while development activity was stagnant. So investors should count on BTC in the next price direction of HBAR.