Why HBAR prices may revisit all-time highs.
The price of Hedera HBAR increased by 27% last week. This rally comes after the altcoin broke out of the consolidation range it had been trading in for several weeks.
As demand continues to increase, HBAR is poised to revisit its all-time high of $0.57, which it will eventually reach in 2021. This analysis explains why.
Hedera Bulls aim to send the token's price higher.
HBAR has recorded a 27 percent gain over the past seven days, breaking out of the previous range-bound trading pattern. For the past month, broader market consolidation has kept HBAR prices at $0.26 against resistance at $0.33.
However, the double-digit rally has pushed it above this range, with HBAR currently trading at $0.35. The breakout reflects increasing buying pressure and paves the way for further gains as bullish momentum picks up.
Currently, HBAR is trading above the 20-day moving average (EMA) at press time, indicating a bullish market trend. This moving average tracks the average price of an asset over the past 20 days, giving more weight to recent prices to reflect short-term trends.
If the asset price is above the 20-day EMA, it indicates bullish momentum. It indicates that buyers are driving the market and the property is likely to increase in the near future.
Additionally, the setup of the HBAR Moving Average Convergence Divergence (MACD) indicator confirms this bias. The altcoin's MACD line (blue) currently rests above its signal line (orange).
When this indicator is set up in this way, it indicates a bullish trend. This means that buying activity is greater than selling among market participants, which hints at the possibility of an extended rally.
HBAR Price Prediction: Sustained demand could push it to $0.57 ATH
HBAR's continued demand may push the price above the key resistance at $0.44. A successful breach of this price level could provide the support needed for the altcoin to regain its last high of $0.57 four years ago.
However, a slowdown in buying activity will spoil this dire situation, causing the token's price to retreat back to its previous range and hover around $0.30.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
