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Hedera (HBAR) recorded a notable gain of over 2% over the past 24 hours. According to data from CoinMarketCap, the altcoin’s price increase also coincided with the positive trend in the cryptocurrency market during the same period. As a result, HBAR was trading hands at $0.0482 at press time.
The cryptocurrency also recorded a substantial uptick in its 24-hour trading volume. CoinMarketCap data indicated that the total volume for HBAR surged 130% – boosting the total to $68,514,782 as a result.
During the previous 24-hour cycle, HBAR also established a peak at $0.04859. Since then, it has pulled back slightly to trade at its current level. Despite this, the altcoin’s value still stood closer to its 24-hour high than its low for the same period, which was recorded at $0.04618.
Technical Overview
Daily chart for HBAR/USDT (Source: TradingView)
HBAR attempted to break above a negative trend line formed on its daily chart over the past 3 weeks. Should it successfully break above this line, it could also challenge the $0.05275 resistance level. A daily candle close above this barrier could give HBAR’s price the foundation needed to continue to rise in the following few days.
Should this bullish thesis be confirmed, the altcoin’s price may attempt to flip the resistance level at $0.06460 into support within the following fortnight. In an extremely bullish scenario, HBAR could rise to as high as $0.07980 in the medium term.
Conversely, if HBAR’s price fails to establish a position above the aforementioned trend line, it could risk undergoing a temporary correction. HBAR’s price may seek support from the $0.04460 price point in this more bearish scenario. If this level fails, the cryptocurrency’s price could drop to as low as the subsequent support level, which is at $0.03545. However, technical indicators on HBAR’s daily chart suggested that HBAR’s value may continue to climb in the next 24-48 hours.
The first technical indicator investors will want to pay attention to in the next few days is the daily Relative Strength Index (RSI) indicator. During the past few days, the daily RSI line broke bullishly above the daily RSI Simple Moving Average (SMA) line. This suggested that buyers on HBAR’s chart had grown stronger against sellers.
The two technical indicators attempted to cross bearishly during yesterday’s trading session. However, bulls stepped in to boost HBAR’s price – resulting in it trading at its current value. The positive slope of the RSI line also suggests that bulls still had the upper hand against bears at press time.
The daily RSI indicator was not the only indicator signaling the presence of positive sentiment on HBAR’s daily chart. A noteworthy bullish technical flag was also recently triggered by the Moving Average Convergence Divergence (MACD) indicator throughout the past 24-hour cycle. During this period, the MACD line crossed above the MACD Signal line, which indicated that HBAR’s positive trend may continue towards the end of this week.
If these technical flags are validated, HBAR’s price could potentially flip the $0.05275 threshold into support by the end of the week. As traders and investors monitor HBAR for further gains, Bitcoin Minetrix is amassing the interest of all cryptocurrency enthusiasts.
Bitcoin Minetrix and Its Innovative Platform
Bitcoin Minetrix aims to address all of the risks and uncertainty surrounding Bitcoin (BTC) cloud mining. This sector within the cryptocurrency space has become notorious for attracting scammers. Through their revolutionary platform, Bitcoin Minetrix will rid the cloud mining sector of scammers by decentralizing the entire process.
A Flourishing Presale
Just yesterday, Bitcoin Minetrix shared on their official X page that their presale has surpassed the $1.6 million fundraising mark. The project’s total raise was just over $1.711 million at press time.
Witness #BitcoinMinetrix achieving another remarkable milestone!
More than $1,600,000 raised!🪙 pic.twitter.com/yyrHTMRQz2
— Bitcoinminetrix (@bitcoinminetrix) October 17, 2023
The current price of Bitcoin Minetrix’s native token, BTCMTX, is a mere $0.0111. Given the growing interest in BTC from institutional investors, savvy investors may want to buy into the token now. The approaching BTC halving event will also make BTC more scarce, potentially boosting BTC’s value.
Bitcoin Minetrix’s Looming Platform Launch
The Bitcoin Minetrix team will begin the development of their stake-to-mine platform as soon as the ICO comes to an end. Thereafter, the platform’s official launch is set to take place – opening up a passive income stream for all MK holders who stake their tokens.
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