HBAR, the native token of the Hedera Hashgraph distributed ledger system, has seen its price surge by 11% in the past 24 hours. This rally comes amid a significant increase in demand for the token over the past few days.
Technical analysis suggests that HBAR may be preparing for the next growth phases. This analysis highlights the price levels that token holders need to pay attention to.
Hedera Token Holders Intensify Accumulation
Data from HBAR's daily chart shows that despite recent adjustments, its price remains above the Super Trend indicator, still maintaining dynamic support at $0.23.
Super Trend Indicator for HBAR. Source: TradingView
The Super Trend Indicator tracks the direction and strength of the asset's price trend. It appears as a line on the price chart, changing color to indicate the trend: green for bullish and red for bearish.
If the asset's price is above the Super Resistance threshold, it signals bullish momentum in the market. In this case, this line provides dynamic support, and as long as the price remains above it, the bullish trend is likely to continue.
Furthermore, the Chaikin Money Flow (CMF) indicator for HBAR is rising, suggesting the potential for a sustained bullish rally. At the time of reporting, this indicator reached 0.05.
The CMF indicator for HBAR. Source: TradingView
This indicator measures the money flow in and out of the asset market. As with HBAR, when its value is positive during a bullish rally, it indicates strong buying pressure as more volume flows into the asset than flows out. This suggests that the rally is supported by actual accumulation, increasing the likelihood of a sustainable bullish trend.
HBAR Price Prediction: Buyers Targeting $0.39 While Sellers Targeting $0.24
According to the Fibonacci tool, HBAR's price will revert to the three-year peak of $0.39 and continue to rise if accumulation persists. That price level needs to become a support base for this to happen.
HBAR Price Analysis. Source: TradingView
On the other hand, if a sell-off situation resurfaces, HBAR's price will lose some of its recent gains and drop to $0.24. If this level weakens, the HBAR token price could plunge further down to the dynamic support of $0.23 of the Super Trend indicator. If this level fails to hold, HBAR's price could crash down to $0.16.
