Ranked highest on the list of top altcoins with the highest gains today, HBAR price is entering a rapid recovery rally. Extending the Uptober rally to reach new heights, the bulls break through several resistance levels and advance as high as $0.10.
Additionally, a breakout of the trend continuation pattern on the weekly chart signals a longer run for Hedera. Therefore, the HBAR price prediction remains bullish and portends an optimistic 2024.
Source- TradingView
The HBAR price growth rate in December is rising noticeably, showing a recovery trend of 36% over the past 15 days. Breaking above $0.080, the altcoin is poised to hit a new 52-week high above $0.09886, creating two strong bullish candles on the weekly chart.
Taking a slightly different approach, the comeback trend displays a round bottom pattern with a neckline around $0.09886. The current daily price trend shows linear growth, with four consecutive candles rising 20%.
However, HBAR price is trading at $0.08446 with a long wick candle, signaling a retest phase coming soon.
Therefore, short-term analysis indicates a retest of $0.075. Meanwhile, the uptrend is unlikely to lose momentum quickly before reaching the $0.10 point.
Technical indicators:
MACD indicator: MACD and signal lines indicate a strong upward trend of the movement as the strength of the bullish histogram increases.
RSI indicator: With a breakout rally, the RSI line shows a spark in the trend momentum and enters overbought territory. Therefore, both momentum indicators reflect a surge in underlying demand and strengthen the breakout rally.
Will HBAR price rise above $0.10?
HBAR price trend is extremely bullish as the double bottom is broken and market recovery momentum is increasing. With buyers expecting a rise to $0.10, our analysis suggests a potential retest before the bull run.
However, if buyers fail to sustain the recovery, the corrective trend could lead to a plunge towards $0.060.