On April 24, #Hedera (HBAR) witnessed a remarkable surge to $1.810, demonstrating a 100% increase and hitting a two-year peak.
Speculative reports of Blackrock's involvement in Hedera initially drove a surge in price, later debunked, leading to a correction to $0.105 and significant sell-offs with reduced trading volume.
Analysis of the HBAR/USDT 4-hour chart revealed an Upward Channel pattern, followed by a potential breakout from $0.12 to the current price level of $0.106.
Despite initial optimism, the price encountered resistance at $0.12, resulting in downward movements and a breach of crucial support at $0.114.
This led to a bearish trend, pushing towards a lower support level around the 200 Simple Moving Average (SMA) at $0.100.
Maintaining the price above the $0.100 support level could indicate a resurgence in bullish momentum, possibly testing the previous high of $0.180.
According to Coin Gabbar analysis, Conversely, failure to sustain this support level may result in sideways trading or a retreat to the accumulation zone near $0.100.
KEY LEVELS :
RESISTANCE LEVEL : $0.12500-$0.14200
SUPPORT LEVEL : $0.10000-$0.09000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
