• Hedera [HBAR] posted an impressive rally over the past seven days, trading at $0.0399.
• A patterned breakout to the upside could target $0.0426, however a break below $0.0387 would give the bears more leverage.
• Technical indicators suggest a bullish bias, however a declining BTC could accelerate a price reversal.
Hedera [HBAR] has seen an impressive rally over the past seven days, with the cryptocurrency trading at $0.0399 at press time. This is a notable increase from $0.0365 just a week ago, and further positive movement could be in store for HBAR if the right conditions are met.
The indicators on the 12-hour chart suggest that a bullish bias could be possible, with the Relative Strength Index (RSI) rising from oversold territory and sitting slightly above the midpoint of 50 units. This is further backed up by the On-Balance Volume (OBV) which has recorded higher lows since the beginning of the year, which shows that buying pressure has increased along with higher trading volumes.
If these conditions hold, then a patterned breakout to the upside could be possible, with a target of $0.0426. However, there are still some obstacles to overcome, such as BTC rising above $16,945. Despite this, the technical indicators suggest that a bullish bias is likely, though a declining BTC could accelerate a price reversal. If this were to happen, HBAR could pull back and retest or break support at $0.0387, which would invalidate the bullish bias described above.
Additionally, HBAR has formed a bearish flag pattern that could target $0.0344 if an extreme downside breakout were to occur. Overall, the short-term outlook for HBAR looks positive, though it is important to keep an eye on external factors that could affect the performance of the cryptocurrency.