Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
- HBAR may goal at a important overhead resistance degree within the brief time period.
- Sentiment and Funding Fee was optimistic, which may bolster its uptrend momentum.
Hedera [HBAR] posted over 20% positive aspects on Saturday, 21 January, after Bitcoin [BTC] moved to the $23K zone. The uptrend momentum noticed HBAR attain a excessive of $0.0810. Nonetheless, correction occurred after BTC fell again to the $22K zone.
On the time of publication, HBAR’s worth was $0.0701, as BTC maintained its $22K degree. If BTC reclaims the $23K zone, HBAR may witness an upswing geared toward this overhead resistance degree.
Learn Hedera [HBAR] Value Prediction 2023-24
The overhead resistance degree at $0.0810
Supply: HBAR/USDT on TradingView
The three-hour chart confirmed a bullish HBAR with an RSI (Relative Energy Index) of 59. The RSI had retreated from the overbought zone and rested on the 60 mark. It exhibits shopping for stress declined barely.
Historic RSI patterns confirmed rejection on the 60 or 50 ranges. Due to this fact, the RSI may bounce again from 60 or an equilibrium degree of fifty, initiating a restoration. It may set HBAR to retest or break above the $0.0732 degree and goal the overhead resistance at $0.0810.
Nonetheless, a break under $0.0689 would invalidate the above bullish bias. The downtrend may very well be checked by the 26-period EMA or the $0.0638 help degree.
How a lot are 1,10,100 HBARs value at the moment?
Due to this fact, buyers ought to look ahead to RSI and On Steadiness Quantity (OBV). An RSI rejection on the 60 or 50 ranges will denote a possible restoration. Nonetheless, an OBV drop under the $5.54B degree (white line) will undermine any uptrend momentum because of restricted buying and selling volumes.
HBAR’s Funding Fee and sentiment have been optimistic
Supply: Santiment
In response to Santiment, HBAR’s Funding Fee and weighted sentiment have been optimistic, indicating the asset loved demand within the derivatives market whereas buyers’ have been assured with it. This might enhance the asset’s uptrend momentum.
The buyers’ confidence is also partly attributed to HBAR’s spectacular improvement exercise progress. Nonetheless, the event exercise was stagnant at press time.
Though the stagnation may have an effect on the HBAR’s sentiment and worth, BTC worth motion considerably impacts the asset’s efficiency. Due to this fact, buyers ought to monitor BTC to gauge HBAR’s attainable pattern route.
