The value of Hedera’s HBAR has surged 27% over the past week. This rally comes after the altcoin broke out of a consolidation range it had traded within for several weeks.
As demand accelerates, HBAR is poised to revisit its all-time high of $0.57, which it last reached in 2021. This analysis explains why.
Hedera Bulls Aim to Send Token’s Price Higher
HBAR has recorded a 27% surge over the past seven days, breaking out of its previous rangebound trading pattern. For the past month, broader market consolidation kept HBAR’s price within a range, facing resistance at $0.33 while finding support at $0.26.
However, its double-digit rally has propelled it above this range, with HBAR currently trading at $0.35. The breakout reflects growing buying pressure and sets the stage for potential further gains as bullish momentum builds.
Currently, HBAR trades above its 20-day exponential moving average (EMA) at press time, reflecting the bullish market trend. This moving average tracks the average price of an asset over the past 20 days, giving more weight to recent prices to reflect short-term trends.
When an asset’s price is above its 20-day EMA, it signals bullish momentum. It indicates that buyers are driving the market and that the asset may continue to rise in the near term.
Further, the setup of HBAR’s Moving Average Convergence Divergence (MACD) indicator confirms this bullish outlook. The altcoin’s MACD line (blue) currently rests above its signal line (orange).
When this indicator is set up this way, it indicates a bullish trend. This means that buying activity exceeds selloffs among market participants, hinting at the possibility of an extended rally.
HBAR Price Prediction: Sustained Demand Could Propel It Toward $0.57 ATH
HBAR’s sustained demand could drive its price above the key resistance at $0.44. A successful breach of this price level could provide the support needed for the altcoin to reclaim its all-time high of $0.57, which was last reached four years ago.
However, a drop in buying activity would invalidate this bullish scenario, causing the token’s price to retreat into its previous range and hover around $0.30.
Disclaimer
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