Recent Recovery Signs in the Cryptocurrency Market
Recently, the cryptocurrency market has shown signs of recovery among major altcoins. In particular, Bitcoin's market share has decreased by 2.10% over the past week, currently standing at 60.61%, which increases the likelihood of a rebound for altcoins. Amid these changes, Hedera (HBAR) has garnered investor attention with a notable upward trend over the past week.
Recent Price Movements of HBAR
HBAR has undergone more than a 28% correction over the last 30 days but is currently showing strong recovery. Following an explosive surge of about 800%, from around $0.042 in November 2024 to $0.39 in early December, it is now adjusting within a broadening wedge pattern. This pattern is known to present the possibility of price breaks in either direction, drawing investors' interest.
Technical Analysis: Possibility of HBAR's Rebound
Recently, HBAR strongly rebounded after retesting the key support level of $0.18. It is currently trading around $0.2375, and if it breaks through the 100-day Simple Moving Average (SMA) resistance, it could gain strong upward momentum. Confirmation of an upward breakout would likely see the price rise to the upper resistance level of the wedge at $0.40.
Additionally, the MACD (Moving Average Convergence Divergence) indicator is showing bullish signals. The MACD line has crossed above the signal line, indicating weakened selling pressure and a resurgence in buying momentum.
Future Outlook
The short-term direction of HBAR is likely to be determined by trading patterns in the coming days. Fluctuations in Bitcoin's market share and the overall sentiment of the market will also significantly impact HBAR's rise. Therefore, investors should carefully observe not only technical analysis but also the broader market trends.
Conclusion
HBAR is currently showing strong rebounds while maintaining key support levels. If it breaks through the 100-day moving average, the potential for further increases is expected to grow. However, given the high volatility of the market, a cautious investment strategy is necessary. It is crucial to closely monitor upcoming price movements when making investment decisions.
- This text does not constitute investment advice or financial recommendations.Cryptocurrency investment involves significant risks, and the responsibility for investment decisions rests solely with the investor.
