Tradecitypro | HBAR: Momentum, Key Levels, and Future Targets👋 Welcome to Trade City Pro!
In this analysis, I’ll be reviewing the HBAR coin, which belongs to the Hedera project. This coin operates in the DeFi and RWA categories and also features a Layer 1 network.
📅 Weekly Timeframe
On the weekly timeframe, we observe a powerful bullish leg that began at the 0.04226 level and extended to 0.33994, marking an impressive 700% growth.
🔍 The 0.33994 level serves as a critical resistance, closely aligned with the 0.44075 resistance, creating a highly significant supply zone between these two levels.
✨ Currently, the price has been rejected twice from this area. In my view, this is a healthy development for the bullish trend, as corrections are essential for sustained growth. Considering the 700% surge over a few candlesticks, this pullback likely helps close long positions and strengthens the trend's foundation.
📊 Market volume has also been decreasing during this correction, signaling alignment with the bullish trend. Additionally, the RSI is exiting the overbought zone, paving the way for the price to establish a new structure and potentially resume its upward movement.
🔼 If the 0.44075 resistance is broken, the price could achieve a new all-time high (ATH). To determine specific targets, we need to wait for this resistance to break and use Fibonacci levels based on the recent corrections.
📉 In case of a deeper correction, the 0.13023 level will be the most critical support. This area has shown strong reactions in the past and can act as a solid support during significant pullbacks. The 0.19647 level could also provide support, but the primary level remains 0.13023.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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