The post HBAR Price Teases Breakout Despite A $300M Liquidation Wave! appeared first on Coinpedia Fintech News
With a pullback in the price of Bitcoin from the $38K mark, the crypto markets take a small hit, resulting in $307 Million in liquidations. As the leveraged bullish positions took a hit, the HBAR price remained calm and continued to head straight up and challenge the resistance trendline.
Despite the Bitcoin price tumbling to $36K with a 4.5% drop, certain altcoins remain positive and continue the uptrend. Being a notable performer amongst those, the HBAR price teases a breakout entry opportunity as the demand increases.
Source- TradingView
The increased demand for the HBAR price following the double bottom reversal from the $0.045 launchpad fuels the ongoing uptrend. Further, with the market-wide recovery due to the high anticipations of the Bitcoin Spot ETF, the altcoins are performing exceptionally well.
With a positive cycle within the daily chart’s triangle pattern, the HBAR prices shoot up with a 37% jump in 30 days. Moreover, the recent pullback to the 200D EMA retests the bullish break and regains momentum with a morning star pattern.
Currently, the HBAR price trades at $0.063%, having grown 3.41% intraday to form a bullish engulfing candle. Further, the surge in intraday trading volume supports the bullish comeback and teases a breakout.
The bullish engulfing candle undermines the previous higher price rejections and long wick formations near the trendline. Therefore, if the buyers manage to sustain the pressure, the sideline traders can shortly get a breakout entry signal.
Technical indicator:
RSI indicator: The daily RSI line continues to trade sideways, close to the overbought boundary line with high volatility. Therefore, the indicators remain bullish despite the possibility of a shakeout.
EMAs: With the golden crossover, the HBAR price is ready to gain momentum and tease a triangle breakout.
Will HBAR Price Rise Above $0.075?
With the golden crossover and the uptrend against the bullish liquidation news, the HBAR price shows a dominant bullish trend. Moreover, the uptrend increases the possibility of the triangle breakout, teasing a breakout rally to the $0.075 mark.
Considering the uptrend gains momentum to surpass $0.075, the uptrend can reach the psychological mark of $0.10.
If the buyers fail to dominate, the market price can plunge to $0.050.
#PriceAnalysis [Source: Coinpedia]