HBAR, the native token that powers the Hedera Hashgraph distributed ledger, has seen its price surge by 11% in the past 24 hours. This price surge comes amid a significant increase in demand for the token in the past few days.
Hedera Token Holders Step Up Accumulation
Readings from the daily chart of HBAR show that despite its recent decline, its price has remained above the Super Trend indicator, which continues to provide dynamic support at $0.23.
The Super Trend indicator tracks the direction and strength of an asset's price trend. It is displayed as a line on the price chart, and its color changes to indicate the trend: green for an uptrend and red for a downtrend.
If the price of an asset is above the super trend line, it indicates bullish momentum in the market. In this scenario, this line provides dynamic support, and as long as the price remains above it, the uptrend is likely to continue.
Moreover, the rising Chaikin Money Flow indicator for HBAR (CMF) indicates that the uptrend is likely to continue. At the time of publication, it was at 0.05.
This indicator measures the flow of money into and out of an asset’s market. As with HBAR, when its value is positive during a price rise, it indicates strong buying pressure as more volume flows into the asset from outside. This suggests that the price rise is supported by actual accumulation, increasing the likelihood of a continued uptrend.
HBAR Price Prediction: Experts: Bulls target $0.39 while Bears target $0.24
According to the Fibonacci retracement tool, HBAR price will revisit and surpass its three-year high at $0.39 if the accumulation continues. This price level must turn into a support floor for this to happen.
If the sell-off resumes, HBAR price will lose some of its recent gains and head towards $0.24. Breaking this level will trigger a further decline to the Super Trend dynamic support at $0.23. If this level fails to hold, HBAR price could collapse to $0.16.