NEW DELHI (CoinChapter.com) — Hedera (HBAR) token price started a steady increase above $0.065. It is up over 15% in a few sessions and might extend gains by 12%-15%.
Hedera Token Price Regains Traction
In October 2023, Hedera’s token HBAR formed a support base near the $0.0450 level. It started a steady increase above the $0.0550 level, like Bitcoin, Ethereum, and other cryptocurrencies. The price even cleared a major hurdle near the $0.065 level to enter a positive zone.
There was a move above the 61.8% Fib retracement level of the last main decline from the $0.1050 swing high to the $0.040 low. HBAR is now trading well above $0.0725 and the 50-week simple moving average (blue).
The price is up over 15% in two days and showing no signs of exhaustion. If the bulls remain in action, the price could continue to rise. Recently, the HBAR Foundation released its yearly report. It highlighted excellent growth in revenue, developer activity, account creation, and transactions in 2023. Moreover, Hedera announced WalletConnect integration.
Looking at the weekly chart, the token’s price is now approaching a key resistance at $0.0895. It is close to the 76.4% Fib retracement level of the last main decline from the $0.1050 swing high to the $0.040 low.
A clear upside break above the $0.0895 resistance could send the price higher. The next major stop for the bulls could be $0.100 or $0.105. Any more gains might call for a test of $0.120.
HBAR Price Could Dip?
Conversely, HBAR price might witness a downside correction from $0.0895. Immediate support could be $0.080. There is also a major bullish trend line forming with support near $0.080 on the weekly chart. If there is a downside break below the trend line, the price could decline toward the $0.0725 support.
The main support is now forming near the $0.060 zone and the 50-week simple moving average (blue). If there is a downside break and a close below $0.060, the price might extend losses. The next major breakdown support is at $0.0450.
Overall, Hedera’s token price is gaining bullish momentum and outperforming other major cryptocurrencies. However, HBAR must clear $0.0895 to continue higher toward $0.100 and $0.105.
