• The price of Hedera (HBAR) has seen a strong rally over the past six weeks, reaching levels of $0.094.
• A retracement to an area of resistance at $0.08 may provide bulls with an entry point.
• Market participants have attempted to fade the rally but demand for HBAR remains strong.
Hedera (HBAR) Price Rally
The price of Hedera (HBAR) has seen a strong rally over the past six weeks, reaching levels of $0.094 and providing a 93.8% drawdown from its peak at $0.576 in November 2021 to its lows at $0.0356 in December 2022 since then finding steady demand and capital inflow into the market as Bitcoin prices rise as well feeding hope into the altcoin market..
Retracement Levels
There is uncertainty around how much higher HBAR can go; however, levels to watch include $0.1 and $0.12 in the coming days but instead of succumbing to fear-of-missing-out (FOMO), bulls can wait for a pullback to a region of interest such as the one extending from $0.062-$0.069 which acted as resistance from September to early November 2022 when it was breached by the sharp surge above $0.05 on 14 January 2021 which was later met with rejection at $0.07 leading it lower again towards this region thus providing an opportunity for entry for those looking for more favorable conditions than FOMOing it higher..
Market Sentiment
On the 1-hour chart, prices and Open Interest were seen in a strong uptrend alongside spot CVD which climbed sharply upwards signaling strong capital inflow into the market while short positions got liquidated multiple times showing that bears tried fading this rally but could not overpower demand keeping portfolio’s green when checked through Hedera Profit Calculator..
RSI & OBV Indicators
The daily RSI began forming bearish divergence with respect to price yet OBV remained in a sharp uptrend signifying bullish strength even after three days of green candles suggesting further upside potential and cautioning against shorting unless it is an intraday scalp trade..
Conclusion
Overall, HBAR’s higher timeframe structure remains bullish albeit some bearish divergences being formed on shorter timeframes leaving some room for retracements before heading higher providing bulls with an opportunity to enter more favorably than FOMOing their way in although there is some uncertainty around how high HBAR will go next still, levels of$ 0 .1 and 0 .12 are worth watching out for in coming days..