Key Highlights
- HBAR from Hedera ranks as the third-highest performer among the top 20 cryptocurrencies by market capitalization.
- The coin is targeting a resistance level of $0.32 after recently surpassing $0.24.
HBAR Climbs as Bitcoin Hits Historic High
The cryptocurrency market is off to a strong start this week, bolstered by rallies in Bitcoin, Ethereum, XRP, HBAR, and several other major coins and tokens. This surge follows a stellar performance last week, with further growth projected as investors brace for a pivotal week in the United States.
Bitcoin recently achieved a new all-time high of $122,800, rising by 4% in the last 24 hours. Likewise, Ethereum and XRP are also trading positively.
HBAR, the native coin of the Hedera blockchain, has soared by 10% within the last day, positioning it as the third-best performer among the top 20 cryptocurrencies based on market cap. The coin has now outstripped the resistance level of $0.24 and shows potential for further upward mobility.
HBAR Eyes $0.32 as Bulls Aim to Extend Rally
The 4-hour chart for HBAR/USD reveals a bullish but ineffective trend, suggesting that the pair may sweep lower liquidity before embarking on another upward journey. Technical indicators are also bullish, indicating a potential recovery in the short to medium term.
A Relative Strength Index (RSI) of 74 indicates that HBAR may soon penetrate the overbought territory if the positive momentum continues. Additionally, the MACD lines are positioned in the positive zone, further confirming a bullish bias.
If bulls maintain control, HBAR could approach its first major resistance level at $0.28452, last tested on March 2. In instances of sustained rallying, HBAR could potentially retest the $0.32281 mark for the first time since January.
Conversely, should bulls fail to capitalize on this momentum, a retest of the support level at $0.22556 may occur within the coming hours or days. A prolonged bearish condition could see HBAR drop to the liquidity level at $0.19152.
