HBAR has seen a notable uptick in recent days, showing signs of recovery after the significant losses recorded in March. If this momentum continues, the cryptocurrency could soon make a comeback, potentially pushing its price higher.
HBAR’s positive movement in April provides hope that it may avoid repeating past patterns of sharp declines, offering a chance for sustained growth in the coming weeks.
Hedera Is Observing A Strong Bullish Momentum
The Relative Strength Index (RSI) for HBAR is currently above the neutral mark at 50.0, which indicates positive market sentiment. This is generally seen as a bullish signal. However, historical instances show that HBAR has experienced corrections following sharp rises in the RSI, driven by volatile price movements.
This time, however, the market’s volatility appears to be much lower, suggesting that the current bullish momentum for HBAR is more organic. If the RSI remains steady in the positive zone, it could signal a more sustainable rally for the cryptocurrency.
HBAR’s performance also seems closely tied to Bitcoin’s price action, with a strong correlation of 0.93 between the two. As Bitcoin continues to rise, currently approaching $95,000, HBAR is likely to follow suit.
Given Bitcoin’s strong market position, any further gains for the leading cryptocurrency will likely spill over into altcoins like HBAR. If Bitcoin continues its bullish path, pushing past key resistance levels, HBAR could see similar gains, propelled by the overall market optimism and BTC’s positive influence.
HBAR Price Is Nearing Key Resistance
Throughout April, HBAR has maintained an uptrend, which is crucial for its recovery from the 43% losses seen in March. The price action in April will be a pivotal factor for HBAR as it looks to regain lost ground. Maintaining this upward trajectory is essential for the altcoin to recover and build on its current momentum.
Currently trading at $0.183, HBAR is aiming to break the key resistance level of $0.200. This level represents a psychological barrier for investors, and successfully flipping it into support could trigger further bullish reactions. If this happens, HBAR could see a rise to $0.222 as investor confidence strengthens and more market participants enter the space.
However, if HBAR fails to breach the $0.200 mark, it could face a decline to $0.167. If this happens, further selling pressure from investors looking to minimize losses could push the price down to $0.154. Such a drop would invalidate the short-term bullish outlook, potentially leading to more significant losses if the market sentiment turns bearish.
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