Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author
HBAR was in a neutral market position.
A pattern breakout to the upside could target $0.0426.
A break below $0.0387 would give the bears more clout.
Hedera [HBAR] posted an impressive rally over the past seven days. At the time of writing, it was trading at $0.0399 and looking eager to break above $0.0400.
The breach could happen if BTC climbs above USD 16,945. At the time of writing, BTC was rejected at the aforementioned level, which could make another HBAR move difficult.
However, the technical indicators on the 12-hour chart said otherwise.
Read Hedera [HBAR] Price prediction 2023-24
Is a pattern breakout likely?
HBAR is up from $0.0365 to $0.0400, up about 10% over the past seven days.
The Relative Strength Index (RSI) rose from the oversold territory and was slightly above the midpoint of 50 units. On-Balance Volume (OBV) also recorded higher year-to-date lows. This shows that buying pressure increased with increasing trading volume.
If trading volumes increase, the bulls could trigger a pattern breakout with a target of $0.0426. However, there are still some obstacles to overcome along the way.
Alternatively, HBAR may pull back if RSI is rejected around the midpoint. A few rejections around the midpoint in the past led to a price reversal, and a similar trend could lead HBAR to a correction. A falling BTC could accelerate the price reversal.
Such a downward move could force HBAR to retest or break support at $0.0387, invalidating the bullish bias described above. In addition, HBAR has formed a bearish flag pattern that could target $0.0344 in an extreme downside breakout.
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HBAR saw tremendous development activity over the past week, but…
According to Santiment, HBAR’s price consistently followed development activity. Development activity picked up steadily over the past week, boosting investor confidence in the network, as evidenced by improved weighted sentiment over the same period.
In addition, the demand for HBAR in the derivatives market improved as the Binance Funding Rate for the HBAR/USDT pair improved over the same period.
However, sentiment and Binance Funding Rate were neutral at the time of writing, while development activity was stagnant. Investors should therefore rely on BTC for the next price direction of HBAR.
This post Hedera [HBAR]: A probable pattern breakout could yield 7% gains if BTC…
was published first on https://ambcrypto.com/hedera-hbar-a-likely-patterned-breakout-could-offer-7-gains-if-btc/