With a sharp correction following the jump to $0.10, the HBAR price struggles to find a strong footing to hold off the incoming supply. Currently, the buyers plan a reversal at the crucial dynamic 200D EMA, leading to the sharp jump last night.
However, the overhead supply and the declining 50D EMA puts a quick stop to the bullish revolt. Nevertheless, the price action displays a bullish trend continuation possibility with a post-retest reversal.
The spike in HBAR price started with Hedera making an announcement of the DeepTech Venture Studio launch in Saudi Arabia. It comes as a new launch of a five-year plan valued at $250 million.
Will Hedera Crack The $0.10 Ceiling?
With the downfall trend in the daily chart, the HBAR price action formed a falling wedge pattern, accounting for a 30% drop. In the recent turns of events, the bullish reversal from the support trendline breaks the overhead trendline to test the 50-day EMA.
Source- TradingView
However, the quick reversal from the 50-day EMA retests the bullish breakout and shows an intraday fall of 4.27%. Currently, the HBAR price trades at $0.0717, while the bearish candle warns of a failed retest.
Further, the volume analysis showcases a sharp rise supporting the breakout candle. However, the retest comes with a dip which increases the post-retest reversal possibility.
Technical indicator:
RSI indicator: The daily RSI line shows a bullish spike, failing to surpass the 50% line. Nevertheless, the turnaround from the oversold boundary reflects a surge in underlying demand.
Will HBAR Price Rise Above $0.10?
Considering the buyers manage to halt the intraday fall to regain trend control, the HBAR price can witness a breakout rally moving forward. Sideline traders can even find the 50D EMA breakout as an entry spot. Optimistically, the bullish breakout can reach the $0.10 mark.
On the flip side, the failure to reverse the intraday fall can lead to a drop at the 200-day EMA.
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