- HBAR is aiming for $0.30 with more than 100% growth in few weeks.
- VWAP, MACD, and RSI all show a high bullish trend.
- The current volume spike indicates that a breakout may happen soon.
Hedera (HBAR) has become one of the leading altcoin projects in terms of value gains. It has risen by more than 100% from its lowest levels. It has hit a trading volume of $1.65 billion. Also, the trading momentum in the futures markets has been rising. Hence, the $0.30 level is the next psychological breakout point.
Hedera (HBAR) is quickly gaining the interest of traders. It aims to rise to a level around $0.30, per the TradingView chart. In the latest session, the price was trading at a high of $0.28067. It only just recovered after reaching a low of $0.13. This indicates an over 100% increase within a few weeks.
The recovery used support areas that were formed by Fibonacci retracement levels between $0.14 and $0.17. These levels assisted the traders to determine potential reversal levels prior to the breakout. Price remained above such levels and had the strength to surpass the value of $0.20 with confidence.
The VWAP indicated a strong buy sentiment. The bid price has continued to stay much higher than the VWAP line. This indicates that the buyers are in control and most of the trades occur above this price.
Institutional and large-volume traders usually react to this as a bullish sign. The prices that are above the VWAP validate that the uptrend is likely strong.
Fib. and VAWP. Source: TradingView
Also Read: Hedera (HBAR) Breakout Alert: Price Targets $0.32 and $0.40 Amid Rally
Momentum indicators also favored such a trend in HBAR. The MACD line had crossed the signal line and remained positive.
Although it has begun to level off, it continues to indicate that buyers have not completely lost control. The RSI was at 56, meaning that the market was not yet overbought and would continue to rise further.
These signs indicate that HBAR may be slowly building to a larger move.
RSI and MACD. Source: TradingView
In the meantime, Hederas trading volume escalated to $1.65 billion according to the Coinglass data. This huge amount validates the purchasing force behind the price surge. Such a huge interest inflow usually precedes some large price milestones.
Source: Coinglass
HBAR is near its next psychological barrier at $0.30. By breaking this level, the token may attract another wave of buyers. The current support level is approximately at $0.24 and 0.21 making the rally reliable.
Also Read: Hedera (HBAR) Eyes $1 After 800% Climb: Mainnet Upgrade Sparks New Hopes
