Key Takeaways
- Hedera’s HBAR is the third-best performer among the top 20 cryptocurrencies by market capitalization.
- The coin is targeting resistance at $0.32 after breaking above $0.24 a few hours ago.
HBAR recovers as BTC hits a new all-time high
The cryptocurrency market opened the week on a positive note as Bitcoin, Ether, XRP, HBAR and several other major coins and tokens advanced. This rally builds on last week’s strong performance and may broaden as investors prepare for a pivotal week of events in the United States.
Bitcoin reached a new all-time high of $122,800 only minutes ago, after gaining roughly 4% in the past 24 hours. Leading altcoins Ether and XRP are also trading with gains.
HBAR, the native token of the Hedera network, has surged about 10% in the last 24 hours, making it the third-best performer among the top 20 cryptocurrencies by market cap. The token has cleared the $0.24 resistance level and appears positioned for additional upside.
HBAR eyes $0.32 as bulls try to extend the rally
The HBAR/USD 4-hour chart looks bullish but shows inefficiencies, indicating the pair could purge liquidity to the downside before resuming an upward move. Overall technical indicators favor further gains in the short to medium term.
The Relative Strength Index (RSI) sits around 74, signaling HBAR is moving into overbought territory if positive momentum continues. Meanwhile, the MACD lines remain in positive territory, supporting a bullish bias.
If bulls keep control, HBAR could recover toward the first significant resistance at $0.28452, which was last tested on March 2. In the case of a more extended rally, the token could challenge $0.32281 for the first time since January.
However, if bulls fail to sustain momentum, HBAR may retest the ILQ level at $0.22556 in the coming hours or days. A prolonged downside would likely push the token toward the TLQ support at $0.19152.