HBAR has seen a powerful bullish wave that started in the demand zone of $0.15, confirming a double bottom reversal pattern and recovering a previous mid-range structure.
The Parabolic SAR has crossed into the bullish zone, thus confirming the current bullish momentum. After surpassing the resistance of $0.22, the price rose slightly to $0.265 and then gently dropped to its current price of $0.225.
The Relative Strength Index (RSI) is currently at 77.4, indicating overbought conditions that have historically been followed by local corrections or periods of consolidation. As long as the long-term price prediction for HBAR remains above the support of $0.22-$0.20, bulls could push to reclaim $0.265 and continue the bullish movement up to approximately $0.35, which represents a strong resistance in the past.
Conversely, a break of the support at $0.22 could initiate a corrective move towards the level of $0.20 or beyond, down to the zone of 0.19, which could threaten the bullish pattern. Technically, this benefits the bulls, but the overbought RSI indicator and the recent price surge highlight the need to be cautious.
