HBAR has shown significant upward movement over the past month, recently reaching $0.19 and approaching a critical resistance level at $0.20.
The altcoin rally is supported by a broader shift in the market, positioning HBAR for a potential breakthrough. This could mean the end of its recent downward trend and a significant price recovery.
Possible end of the bearish sentiment regarding HBAR
The 'Death Cross' that occurred on April 13, when the 200-day exponential moving average (EMA) crossed below the 50-day EMA, raised concerns among HBAR traders. However, the recent price momentum of HBAR suggests that the 'Death Cross' may conclude sooner than expected. If the current bullish trend continues, the market may cancel this bearish signal even before the end of the full month, signaling a positive shift for HBAR.
If HBAR continues to maintain momentum, this reversal could become a key point for the cryptocurrency. A potential end to the 'Death Cross' will restore confidence in the token and signal that HBAR is ready to overcome its recent challenges. Besides technical indicators, the broader market sentiment for HBAR is supported by positive funding rates. The funding rate has remained positive for the past three weeks, indicating a dominance of long contracts over short positions. This trend suggests that investors are optimistic about the future price movement of HBAR, with many betting on further growth.
This positive sentiment in the futures market indicates strong demand from investors for HBAR. The continued dominance of long contracts reflects growing confidence in the altcoin's potential. Can the price of HBAR catch a break?
HBAR is currently testing the barrier at $0.200, which it has failed to overcome for nearly two months. Trading at $0.195, the altcoin is on the brink of a potential breakthrough. However, previous attempts to cross this resistance have led to pullbacks, making the next few days crucial for determining its trajectory.
With strong macroeconomic support, HBAR may finally break through the resistance at $0.200 and turn it into support. If this happens, the next target will be $0.222, confirming the breakout after two months of consolidation. This price movement will affirm the bullish thesis and set the stage for further growth. However, if HBAR fails to overcome the $0.200 level again, it may face a drop to $0.182 or even $0.167. A fall to these levels would erase recent gains and invalidate the bullish forecast. Investors will closely monitor the $0.200 level to assess whether momentum can be sustained.#BinanceSquare #Write2Earn #Binance #crypto #TradeStories $HBAR