the HBAR price tests this support for the third time

6月20日

HBAR, the core cryptocurrency of the Hedera Hashgraph network, constitutes 71.52% of its total 50 billion coin supply in circulation. The market cap is currently valued at $2.985 billion, having risen by 2.34% within a day, while trading volume has seen a 41.97% decline to $46.227 million. A 24-hour volume-to-market cap ratio of 1.56% suggests lower liquidity, often indicative of potentially less stable market conditions.

On the daily price chart, Hedera (HBAR) had traded earlier within a tight range for most of 2023, generally staying under $0.07200 price mark. However, a strong support level at $0.04500, defended by bullish momentum, led to a breakout on October 20th, 2023, pushing the price beyond the $0.07200 resistance.

Moreover, this level of $0.07200 has since become a key support, with the price reaching new highs each time it has touched this base; the first rally from $0.07200 support soared to $0.13975, while the second escalated to $0.18350, marking gains of more than a 100% and 150%, respectively.
Currently, as the HBAR price tests this support for the third time, historical patterns suggest the potential for an over 200% surge, targeting a price point of $0.22000.
At press time, the HBAR price traded at $0.08340 with an intraday gain of 3.54%.
If HBAR Price successfully rebounds from the current level and beats dynamic resistance in the process, the nearest targets would be $0.12050 and $0.13975.
If the HBAR price is unable to manage the current support level of $0.07200, it could reach the $0.05750 and $0.04530 marks.
Its Indicators are fuzzy due to a lack of liquidity and mixed signals, as MACD shows a bearish cross, price approaching dynamic resistances, and RSI at 38.02 shows a U-turn from oversold towards the overbought.