Hedera (HBAR) continued its strong recovery from the $0.046 support by claiming another support level at the $0.052 price zone.
Hedera traders had every reason to celebrate as HBAR posted some significant gains. However, will sellers force the altcoin to retest a new support before the bulls can continue on their bullish journey? Only time will tell.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Hedera
continued its strong recovery from the $0.046 support by claiming another support level at the $0.052 price zone. The 6.1% gains over the past day spurred the bullish break above the resistance, as seen on the 12H timeframe.on 19 October projected a bounce from the $0.046 support with the price rebound validating this prediction. In the meantime, the crypto market’s bullish sentiment sawThe Relative Strength Index flashed strong bullish signs, as it touched the overbought zone.
Likewise, the Chaikin Money Flow remained positive with a reading of +0.13, hinting at good capital inflows. As such, buyers could register further gains of 8-10% with take-profit levels between $0.057 to $0.059. Alternatively, sellers could force a quick retest of the new support level before a continuation of the bullish rebound.showed that the funding rate was positive on the four-hour timeframe. This revealed that longs were in the majority for the short-term.
Furthermore, the Open Interest continued to move higher, although it dipped slightly, as at the time of writing. Thus, buyers need to be wary of bearish price action which could halt or slow down the bullish rally.Emmanuel is a full-time journalist at AMBCrypto. With a degree in Information Systems, he is curious about the mix of financial data and storytelling. Emmanuel’s focus is on the diverse application of blockchain technology and its revolutionary potential across several industries.
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