HBAR has shown strong upward movement in the past month, recently reaching $0.19 and nearing the critical $0.20 resistance level.
The altcoin’s rally is supported by a broader market shift, positioning HBAR for a potential breakout. This could mark the end of its recent downtrend and a significant price recovery.
HBAR Bearishness May End Soon
The Death Cross, which occurred on April 13 when the 200-day EMA crossed below the 50-day EMA, sparked concern among HBAR traders. However, HBAR’s recent price momentum suggests that the Death Cross may end sooner than expected. If the current bullish trend continues, the market could reverse this bearish signal before it even completes a full month, signaling a positive shift for HBAR.
If HBAR continues to maintain momentum, this reversal could be a key turning point for the cryptocurrency. The potential end of the Death Cross would restore confidence in the token and signal that HBAR is ready to move past its recent challenges.
In addition to technical indicators, HBAR’s broader market sentiment is supported by positive funding rates. The funding rate has remained positive for the past three weeks, signaling that long contracts are dominating short positions. This trend indicates that investors are optimistic about HBAR’s future price movement, with many betting on further gains.
This positive sentiment in the futures market suggests strong investor demand for HBAR. The continued dominance of long contracts reflects growing confidence in the altcoin’s potential.
Can HBAR Price Catch A Break?
HBAR is currently testing the $0.200 barrier, which it has failed to breach for nearly two months. Trading at $0.195, the altcoin is on the cusp of a potential breakout. However, past attempts to cross this resistance have resulted in pullbacks, making the next few days crucial for determining its trajectory.
With strong macroeconomic support, HBAR could finally breach the $0.200 resistance and flip it into support. If this happens, the next target would be $0.222, confirming a breakout after two months of consolidation. This price move would validate the bullish thesis and set the stage for further gains.
However, if HBAR fails to break through $0.200 again, it could face a decline back to $0.182 or even $0.167. A drop to these levels would erase recent gains and invalidate the bullish outlook. Investors will be closely watching the $0.200 level to gauge whether the momentum can sustain itself.
Disclaimer
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