HBAR has experienced a noticeable increase in recent days, showing signs of recovery after significant losses recorded in March. If this momentum continues, the cryptocurrency may soon make a comeback, potentially raising its price.
The positive movement of HBAR in April gives hope that it may avoid repeating past patterns of sharp declines, providing a chance for sustainable growth in the coming weeks.
Hedera is experiencing a strong bullish momentum
The Relative Strength Index (RSI) for HBAR currently exceeds the neutral mark of 50.0, indicating positive market sentiment. This is generally considered a bullish signal. However, historical cases show that HBAR has experienced corrections after sharp rises in RSI caused by volatile price movements.
This time, however, market volatility seems significantly lower, indicating that the current bullish momentum for HBAR is more organic. If the RSI remains stable in the positive zone, it could signal a more sustainable rally for the cryptocurrency. HBAR's performance also appears closely linked to Bitcoin's price movements, with a strong correlation of 0.93 between them. As Bitcoin continues to rise, currently approaching $95,000, HBAR is likely to follow suit.
Given Bitcoin's strong market position, any further gains for the leading cryptocurrency are likely to spread to altcoins such as HBAR. If Bitcoin continues its bullish path, breaking through key resistance levels, HBAR may experience similar gains, bolstered by overall market optimism and the positive influence of BTC. The price of HBAR is approaching a key resistance level.
Throughout April, HBAR maintained an upward trend, which is crucial for its recovery after the 43% losses recorded in March. Price dynamics in April will be a key factor for HBAR as it seeks to regain lost positions. Supporting this upward movement is important for the altcoin to recover and build on its current momentum.
Currently trading at $0.183, HBAR aims to break the key resistance level of $0.200. This level represents a psychological barrier for investors, and successfully converting it into support could trigger further bullish reactions. If this occurs, HBAR may rise to $0.222 as investor confidence strengthens and more market participants enter the space. However, if HBAR fails to overcome the $0.200 mark, it may face a decline to $0.167. If this happens, further selling pressure from investors looking to minimize losses could reduce the price to $0.154. Such a drop would nullify the short-term bullish outlook, potentially leading to more significant losses if market sentiment turns bearish.#Write2Earn #BinanceSquare #Squar2earn #BinanceAlphaAlert #AbuDhabiStablecoin $HBAR