HBAR, the native token powering the Hedera Hashgraph Distributed Ledger, has witnessed an 11% price increase in the past 24 hours. This price surge has occurred amid a significant rise in demand for this Token in recent days.
Technical analysis suggests that HBAR may continue to see further price appreciation. This analysis outlines the price levels that Token holders should be mindful of.
HBAR's daily chart shows that despite recent corrections, the Token's price has maintained above the Super Trend indicator, which continues to provide dynamic support at the $0.23 level.
The Super Trend indicator tracks the direction and strength of the trend. It is displayed as a line on the price chart, changing color to signal the trend: green for an uptrend and red for a downtrend.
When the asset's price is above the Super Trend line, it signals bullish momentum in the market. In this case, the Super Trend line provides dynamic support, and as long as the price remains above this level, the uptrend is likely to continue.
Additionally, HBAR's Chaikin Money Flow (CMF) index is increasing, suggesting the potential for a sustained growth phase. At the time of writing, this index stands at 0.05.
CMF measures the flow of money into and out of the market for an asset. As with HBAR, when the CMF value is positive during a price increase, it indicates strong buying pressure as the inflow of capital exceeds the outflow. This signals that the price rise is supported by genuine accumulation, increasing the likelihood of the uptrend being maintained.
According to the Fibonacci retracement tool, HBAR's price may retrace to the three-year high of $0.39 and potentially surpass this level if the accumulation activity continues. However, this price level needs to be transformed into a support level for this forecast to materialize.
Conversely, if selling pressure increases, HBAR's price will lose a portion of its recent gains and trend downward towards the $0.24 level. If the price breaks below this level, it will likely decline further towards the Super Trend's dynamic support at $0.23. If this level fails to hold, HBAR's price could plummet to $0.16.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making any investment decisions. We are not responsible for your investment decisions.
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