In a most peculiar turn of events, the whimsical Hedera Hashgraph token, HBAR, has taken to consolidating at the princely sum of $0.2477—a mere 1.2% downturn in the past day. Analysts, in their boundless optimism, suggest this crypto contraption is poised for a jolly good ascent following its recent 30% bounce from the depths of despair.
Technical soothsayer Cas Abbe has, with great fanfare, shared a rather colorful chart. It’s a veritable feast for the eyes, with a Relative Strength Index (RSI) breakout and a bullish MACD crossover—such a sight hasn’t been seen since the halcyon days of Q4 2024.
Source: Cas Abbe
Abbe, in his infinite wisdom, posits that these indicators may well incite a bullish stampede towards $0.33, before a brief spell of sobriety sets in. He further muses that a new all-time high (ATH) could be just around the corner, though one mustn’t forget HBAR’s zenith at $0.5701 in the bygone era of September 2021.
As of this moment, HBAR stands tall with a market capitalization of $10.3 billion, having swelled by over 25% in the past week. This little token’s price sprint has propelled it to the 12th rung of the cryptocurrency ladder, leaving behind such old chums as Stellar and Litecoin. And according to Google Trends, HBAR’s popularity has shot up like a rocket, soaring from 17 to 46 since mid-February. How dashing!
The Bollinger Bands on the daily HBAR chart are playing a tantalizing game of cat and mouse, suggesting an impending breakout. The bands are so tight you could bounce a coin off them, indicating a period of tranquility before the inevitable storm. A robust close above the middle band would be a feather in the bullish cap, whereas a snub from the middle band could mean a trip back to the drawing board.
Source: TradingView
In the midst of all this, the Accumulation/Distribution (A/D) indicator is waving a flag of steady buying pressure. A rising A/D line suggests that the smart money is quietly hoarding HBAR, undeterred by the current dilly-dallying. If this trend persists, we might just see a bullish breakout in the not-too-distant future.
And would you look at that? HBAR’s price is shaping up into a Double Bottom on the daily chart—a pattern as bullish as a bull in a china shop. If HBAR can muscle through the liquidity zone, it might just set the stage for more merriment.
Analysts are keeping a beady eye on the $0.29578 resistance level as the make-or-break point. A bold move from there could spell an extended rally towards $0.41618 in the short term. However, should HBAR falter at the key support levels, a brief retreat to the $0.22-$0.23 hinterlands might be on the cards before any further shenanigans.
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2025-03-03 21:50