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HBAR, the native token of the Hedera Hashgraph distributed ledger system, has seen its price skyrocket by 11% over the past 24 hours. This price increase comes amid a significant increase in demand for the Token over the past few days.
Technical analysis suggests that HBAR could be preparing for further growth. This analysis highlights the price levels that Token holders need to pay attention to.
Hedera Token Holders Increase Accumulation
Figures from HBAR’s daily chart show that despite the recent correction, its price remains above the Super Trend indicator, still maintaining dynamic support at $0.23.
The Super Trend Indicator tracks the direction and strength of an asset’s price trend. It appears as a line on the price chart, changing color to indicate the trend: blue for an uptrend and red for a downtrend.
If the price of the asset is above the Super Resistance level, it signals bullish momentum in the market. In this case, the line provides dynamic support, and as long as the price remains above it, the uptrend is likely to continue.
Furthermore, HBAR’s rising Chaikin Money Flow (CMF) indicator suggests the possibility of a sustained rally. At the time of reporting, this indicator reached 0.05.
This indicator measures the flow of money into and out of asset markets. As with HBAR, when its value is positive during a bull run, it indicates strong buying pressure as more volume flows into the asset than exits. This suggests the rally is backed by real accumulation, increasing the likelihood of a sustainable uptrend.
HBAR Price Prediction: Bulls Aim for $0.39 While Sellers Aim for $0.24
According to the Fibonacci tool, HBAR’s price will return to its three-year peak of $0.39 and continue to rise if accumulation continues. That price level needs to turn into a base of support for this to happen.
On the other hand, if the sell-off situation flares up again, HBAR’s price will lose some of its recent gains and fall back to $0.24. If this level weakens, HBAR Token price could fall further to the dynamic support level of 0.23 USD of the Super Trend indicator. If this level fails to hold, HBAR price could plummet to $0.16.
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