HBAR Price Soars 5%: Is a Breakout to $0.40 on the Horizon?

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Hedera’s (HBAR) value has climbed more than 5% within the last 24 hours and an impressive 37% in the past week. In just one day, trading volume for this cryptocurrency has exceeded $2 billion. The surge is primarily due to optimistic technical signals, such as a rising Average Directional Index (ADX), advantageous Ichimoku Cloud readings, and harmonious Exponential Moving Averages (EMAs).

Currently, HBAR is approaching a significant resistance point at around $0.40. If it manages to surpass this barrier, it would reach its highest price since last November 2021. But traders should be vigilant about the potential support level at $0.33. This could play a crucial role if a downturn occurs.

Hedera DMI Confirms the Uptrend Remains Strong

As an analyst, I’ve observed a significant spike in the Average Directional Index (ADX) on the Hedera chart, which now stands at 45.8. Two days ago, when the current upward trend initiated, the ADX was only at 17. This substantial increase suggests a strengthening trend direction and potential for continued growth.

The ADX (Average Directional Movement Index) rates the intensity of a directional movement or trend, ranging from 0 to 100. A value greater than 25 indicates a robust trend, while a value over 40 signals an exceptionally strong trend. The escalating ADX readings suggest that HBAR is undergoing significant and persistent upward thrust.

As a researcher, I’ve observed a slight dip in the +DI (Positive Directional Index), moving from 35.6 to 28.6 over the past day. Conversely, the -DI (Negative Directional Index) has shown a modest increase, going from 6.11 to 7.11 within the same period. This trend suggests that while buying pressure may have softened slightly, it remains significantly stronger than selling pressure. This is indicative of an ongoing bullish sentiment in the market.

The difference between the ADX and the directional indices is growing larger, indicating that the upward trend continues to be robust. If buying pressure maintains or intensifies, Hedera’s price might climb higher in the near future. Nevertheless, traders should keep an eye on the slight drop in +DI for any indications of decreasing momentum.

HBAR Ichimoku Cloud Indicates Bullish Setup Forming

In simpler terms, the Ichimoku Cloud chart for HBAR indicates a robust upward trend in its price. This price movement lies significantly above the Ichimoku Cloud’s range, suggesting a solid bullish prediction.

The Blue Line (Tenkan-sen) hovers higher than the Red Line (Kijun-sen), adding evidence to an ongoing bullish trend. Additionally, the Lagging Span (represented by the green line) sits above the current price, underscoring the robustness of the prevailing uptrend.

Ahead lies a broadening, green-tinted cloud, suggesting an ongoing positive trend in the short term. If HBAR’s price stays above both the Tenkan-sen and Kijun-sen lines, it might aim for higher resistance points.

If the price decreases, the Kijun-sen line and the upper part of the cloud may serve as robust areas of potential support. A drop beneath these points could suggest a decline in momentum, but at present, bullish signs are prevailing.

HBAR Price Prediction: Highest Levels Since 2021?

The Simple Moving Averages (SMA) of HBAR are showing a strongly positive trend, as the short-term averages remain above the long-term ones and are keeping a good gap between them. This pattern indicates strong upward movement, implying that the current rising trend may persist. If buying pressure persists, it’s possible that HBAR could challenge the resistance level at $0.40.

Breaking above this would mark the highest level for HBAR price since November 2021.

If the trend changes direction, it’s important to keep an eye on the $0.33 level as potential support. Should this support break, the price might retrace toward $0.29 and could potentially fall further to around $0.26, especially if a significant downtrend occurs.

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2025-01-18 04:46