Key takeaways
- Hedera’s HBAR is the third-best performer by market capitalization among the top 20 cryptocurrencies.
- The coin is targeting resistance at $0.32 after overcoming $0.24 a few hours ago.
HBAR rises as BTC sets a new all-time high
The cryptocurrency market has enjoyed a strong start to the week thanks to rallies in Bitcoin, Ether, XRP, HBAR and other major tokens. This upside follows last week’s strong performance and could continue as investors brace for a decisive week of developments in the United States.
Bitcoin just hit a new all-time high of $122,800 after gaining roughly 4% over the past 24 hours. Ether and XRP, two leading altcoins, are also trading higher.
HBAR, the native token of the Hedera network, has climbed about 10% in the last 24 hours, making it the third-best performer by market cap among the top 20 cryptocurrencies. The coin has cleared the $0.24 resistance level and appears poised to push higher soon.
HBAR eyes $0.32 as bulls seek to extend the rally
The HBAR/USD 4-hour chart shows an uptrend, though the move lacks strong momentum, suggesting the pair could sweep lower liquidity levels before embarking on a sustained rally. Technical indicators lean bullish, supporting further upside in the short to medium term.
The Relative Strength Index (RSI) sits at 74, signalling that HBAR is approaching overbought territory if positive momentum persists. Meanwhile, MACD lines are in positive territory, indicating a bullish bias.
If bulls remain in control, HBAR could climb toward the first major resistance at $0.28452, last tested on March 2. A sustained rally could push the token to $0.32281, a level not revisited since January.
However, if bulls fail to sustain momentum, HBAR may retest the immediate support at $0.22556 in the coming hours or days. In a more extended pullback, the token could drop to the next support level at $0.19152.