Hedera’s HBAR Rallies 1% Amid Bullish Signals

Hedera’s HBAR has experienced a slight 1% rally over the past 24 hours, bucking the broader market dip. As of the latest update, the altcoin is trading at $0.17. This upward movement is driven by signs of renewed demand, as indicated by key technical indicators on the daily chart.

Readings from HBAR’s Moving Average Convergence Divergence (MACD) show that on April 9, the token’s MACD line (blue) climbed above its signal line (orange), forming a “golden cross.” This pattern signals a potential bullish trend and increased buying pressure, which is often viewed as a buy signal by investors. This confirms that HBAR’s upward momentum is gaining strength.

Additionally, HBAR’s Relative Strength Index (RSI) is poised to break above the 50-neutral line, highlighting the spike in fresh demand for the altcoin. Currently at 49.17 and in an uptrend, the RSI indicator measures an asset’s overbought and oversold market conditions. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound. At 49.17 and climbing, HBAR’s RSI signals a gradual shift from bearish territory into a more neutral zone. If the altcoin’s RSI continues to rise above 50, it would signal increasing bullish sentiment, driving up HBAR’s value.

HBAR’s surge over the past day has pushed its price above the key resistance formed at $0.16, which has kept the token in a downtrend since March 30. With growing buying pressure, the token could flip this zone into a support floor. If successful, it could propel HBAR’s price to $0.19. However, if traders resume profit-taking, HBAR’s current rally would halt, and the token’s price could fall below $0.16 and decline toward $0.12.