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- HBAR gained 6.1% in the past 24 hours, moving past the $0.052 resistance level.
- Financing rates remained positive as buyers looked to extend the recovery in prices.
Hedera [HBAR] continued its strong recovery from the USD 0.046 support by claiming a new support level at the USD 0.052 price zone. The past day’s 6.1% gain provided a bullish break above resistance, as seen on the 12H timeframe.
How much are 1,10,100 HBARs worth today?
AMBCrypto’s previous price analysis on October 19 predicted a recovery from the $0.046 support, with the price rebound confirming this prediction. In the meantime, bullish sentiment in the crypto market saw Bitcoin [BTC] reached $35k, before a slight pullback to $34k, as at the time of writing.
Can buyers pass for more profit?
Source: HBAR/USDT on Trading View
The Relative Strength Index (RSI) showed strong bullish signals as it reached the overbought zone. This indicated an increase in buying demand, with buyers looking to capitalize on the bullish momentum.
Similarly, Chaikin Money Flow (CMF) remained positive at +0.13, indicating good capital inflows.
As such, buyers could see further gains of 8-10% with take-profit levels between $0.057 and $0.059. Alternatively, sellers could force a quick retest of the new support level before the bullish recovery continues.
A positive funding ratio underlined the bullish bias
Source: Coinalyse
Dates of Coinalyse showed that the funding rate was positive over the four-hour time frame. This showed that short-term longs were in the majority.
Read Hedera’s [HBAR] Price forecast 2023-24
Furthermore, Open Interest continued to rise, although slightly declining as at the time of writing. So, buyers should be wary of bearish price action that could halt or slow the bullish rally.