HBAR Bulls Charge: RSI Breaks Bullish, Volatility Squeeze Predicts Price Surge
1min read Hedera's hbar token has shown signs of a bullish reversal, with a potential price target of $0.37, as market sentiment improves. Technical analysis indicates a bullish Relative Strength Index (RSI) and volatility squeezes, suggesting an opportunity for traders and investors to capitalize on potential price gains.
For the first time since late January, the RSI for HBAR has entered the bullish zone, signaling a significant shift in sentiment. This marks a major achievement for the token, as it indicates that bullish momentum is now gaining traction. The RSI suggests that the recent downtrend may be over, and the altcoin could continue to move upward as broader market conditions improve. Investor sentiment is also improving, driven by this change in the RSI, which is likely to attract more interest from both retail and institutional investors, helping to drive the price higher.
The Bollinger Bands for HBAR have recently exhibited a squeeze, signaling a potential spike in volatility. This pattern often precedes significant price movements, and in this case, the volatility played in favor of the altcoin's recovery. The candlesticks were positioned below the basis line during the squeeze, which historically indicates a bullish breakout. With the volatility now playing in HBAR's favor, the token is well-positioned to experience a rise in the coming weeks as the price breaks free from the tight range, increasing the potential for a strong upward movement.
HBAR's price is currently up 16.8% over the last 24 hours, having broken out of its previous downtrend. This move has pushed the altcoin above the $0.22 resistance level, setting the stage for a potential continued uptrend. The next target for HBAR is to reclaim the losses from mid-January to mid-February. To do so, the altcoin would need to flip $0.27 into a strong support level, which would allow it to continue its rise toward $0.37. This move would represent a 60% increase in price, significantly benefiting early investors. However, if HBAR fails to breach $0.27, it may find itself consolidating within the $0.27 to $0.25 range, or even between $0.25 and $0.22. Both of these support levels have been tested before, and failure to break past $0.27 