Hedera Price Prediction: HBAR Gains Momentum, Eyeing $0.060 Level

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The Hedera (HBAR) price has recorded massive volatility over the past few months. The price action has been characterized by prolonged downtrends countered by strong moves north. All the while, the altcoin stayed underneath the $0.1000 psychological level.

Hedera Price Forecast as Network BUIDLs

With rising momentum, indicated by the north-moving Relative Strength Index (RSI), Hedera price is testing the upper boundary of a descending parallel channel. After a substantial 15% breakout on September 13, HBAR faced initial resistance from the 50-day Exponential Moving Average (EMA) at 0.0546. This sent it back into the foothold of the bearish channel. Nevertheless, the momentum indicator remains committed north, suggesting growing momentum.

Steered by increased buying pressure, a strong move north could see the altcoin shatter the 50-day EMA. A decisive close above this level would solidify the uptrend for the short term. In a highly bullish case, Hedera price cold could extend into the supply zone, marked by the 100-day EMA at $0.0630. Such a move would denote a 20% climb above current levels.

A supply zone is an area where massive selling pressure is expected. The fact that it coincides with the 100-day EMA makes it a zone where Hedera price could face strong resistance. If the bullish outlook plays, this would be the area to expect a pullback. Hence, the idea is to take profit for conservative longs to avoid being trapped in the exit liquidity.

HBAR price — TradingView: HBAR/USDT 3-day chart

On the flip side…

Conversely, a subsequent rejection from the channel’s upper boundary after the 50-day EMA reaction could send the altcoin below the channel’s midline at $0.0451. Notably, a breakdown of this support level could mark the beginning of a new downtrend, considering it coincides with the bottom of the last lower high, as observed in the chart.

In the dire case, the downtrend could see Hedera price break below the channel’s lower boundary at $0.0366. This level was tested last in January.

The growing volumes of the Awesome Oscillator’s histogram bars increase the odds of a downtrend, showing that bears maintain a presence in the market.

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