Hedera Hashgraph's native token, $HBAR , has experienced a significant 11% price surge within the last 24 hours, reflecting growing demand. This recent rally has drawn attention to its potential for sustained gains, as technical indicators suggest bullish momentum remains intact. Key price levels are now in focus for traders and investors.
Increased Accumulation by Hedera Token Holders
HBAR's daily chart reveals that its price has managed to remain above the Super Trend indicator, despite recent pullbacks. Currently, the Super Trend line offers dynamic support at $0.23.
The Super Trend indicator, a widely-used tool for tracking price trends, signals direction and strength by changing color: green for an uptrend and red for a downtrend. When an asset’s price remains above the Super Trend line, it signals bullish momentum, providing a favorable outlook as long as this support is maintained.
Additionally, the rising Chaikin Money Flow (CMF) value of 0.05 underscores the possibility of a continued rally. The CMF measures the flow of money into and out of an asset, and a positive value during an uptrend signals strong buying pressure. This inflow indicates that HBAR's recent rally is backed by genuine accumulation, increasing the likelihood of sustained upward movement.
Price Prediction: Bulls Target $0.39 While Bears Eye $0.24
Using the Fibonacci Retracement tool, analysts project that HBAR could potentially revisit its three-year high of $0.39 if the accumulation trend persists. For this scenario to unfold, the $0.39 level must transform into a support floor.
Conversely, a resurgence of selloffs could see HBAR shedding its recent gains, with a decline toward $0.24. A breach below this level could lead to further downward movement, testing the Super Trend’s dynamic support at $0.23. Should this support fail, the token could drop to $0.16.
Conclusion
HBAR's recent surge reflects strong bullish sentiment, supported by key technical indicators such as the Super Trend and CMF. While the current outlook suggests potential for further gains, critical support and resistance levels will play a pivotal role in determining the token's trajectory in the coming days. Investors should monitor these levels closely to capitalize on opportunities or mitigate risks.
