HEDERA PRICE ANALYSIS & PREDICTION (January 20) – Hbar Breaks Out: Hits New High Following a 40% Weekly Surge

Hbar has been on the bulls’ radar for the past few days following strong fundamentals surrounding the asset over the past week. It broke briefly out to a new high as the bulls stepped back but can they stay long? The past month saw Hbar through a little retracement as the price tested a low of $0.23 a month ago. This low level held firmly and the price recovered briefly for days. It lost grip again and fell but the price quickly bounced back from $0.25 on Monday. Technically, that bounce brought an end to the correction phase and the price increased significantly the following day. Volatility increased yesterday and the price broke out to a new high of $0.4 today. The breakout is not clear enough, but looking at the market structure, we can expect a bigger price movement in the coming days. This anticipated movement could see us to the $1 level as the demand level rises. Looking at the price actions, the bulls are fully back in control. Though the bears are in disbelief as they hope to claim more lows – but currently appear trapped on the daily chart. They will likely suffer more loss when the bulls mount pressure in the market. HBAR’s Key Level To Watch Source: Tradingview Following the price break, the resistance level to consider for a test on the way up is $0.5 along with the $0.6 level. A continuous surge through these levels could bring us to $0.7 in no time. The support level to watch for a pullback is $0.30. If the price pulls below $0.234, we may see a breakdown to the $0.187 level. Key Resistance Levels: $0.5, $0.6, $0.7 Key Support Levels: $0.30, $0.234, $0.187 Spot Price: $0.371 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: whyframeshot/ 123RF // Image Effects by Colorcinch