The Hedera (HBAR) price has cleared a long, and short-term diagonal resistance line. It increased sharply on August 14.
The price action and indicator readings from multiple timeframes show a bullish trend, supporting the continuing increase.
Has Hedera Begun a Long-Term Reversal?
The HBAR price broke out from a 511-day resistance line at the beginning of February. The line had previously been in place since the all-time high of $0.584 in September 2021.
The price boost can likely be attributed to a recent move by the US Federal Reserve to incorporate Dropp into FedNow, leveraging Hedera’s technology for faster micropayments.
Breakouts from such long-term structures indicate that the previous correction is complete and a new movement has begun in the other direction.
However, HBAR failed to sustain its increase. On the contrary, it was rejected by the $0.090 horizontal resistance area (red icon) the week of the breakdown. It then fell to a low of $0.040 in June, validating the line as support (green icon).
The price began an upward movement afterward and has increased since. HBAR now trades above the $0.050 horizontal area, which is expected to act as support.
Go to Source to See Full Article
Author: Valdrin Tahiri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
