Key takeaways
- Hedera’s HBAR ranks as the third-best performer among the top 20 cryptocurrencies by market capitalization.
- The token is targeting resistance at $0.32 after overcoming the $0.24 level a few hours earlier.
HBAR rises as BTC sets a new record
The cryptocurrency market has started the week on a positive note, fueled by rallies in Bitcoin, Ether, XRP, HBAR and other major tokens. This momentum follows last week’s strong performance and could extend further as investors prepare for a pivotal week in the United States.
Bitcoin reached a fresh high of $122,800 minutes ago after gaining roughly 4% in the past 24 hours. Leading altcoins Ether and XRP are also trading higher, contributing to broader market optimism.
HBAR, the native token of the Hedera network, has gained about 10% over the last 24 hours, making it the third-best performer among the top 20 coins by market cap. The token has already cleared the $0.24 resistance level and looks poised to push higher.
HBAR eyes $0.32 as bulls aim to extend the rally
The HBAR/USD 4-hour chart shows a bullish bias but exhibits inefficiencies, which means the pair could sweep liquidity to the downside before resuming an upward move. Overall technical indicators point to further upside over the short- to medium-term horizon.
A Relative Strength Index (RSI) around 74 indicates HBAR is approaching overbought territory if current momentum continues. At the same time, the MACD lines remain in positive territory, reinforcing a bullish outlook.
If bulls keep control, HBAR could target the first major resistance at $0.28452, a level last tested on March 2. With a sustained rally, the token may revisit $0.32281 for the first time since January.
However, should bulls fail to capitalize on the current momentum, HBAR may retest the ILQ level at $0.22556 in the coming hours or days. In a prolonged bearish scenario, the token could fall toward the TLQ level at $0.19152.