Key takeout
Hedera’s HBAR is the third best performer of the top 20 cryptocurrencies by market capitalization.
The coin is targeting a resistance level of $0.32 after overcoming $0.24 hours ago.
HBAR as BTC sets new all-time highs
The cryptocurrency market is starting positively for the week thanks to gatherings of Bitcoin, Ether, XRP, HBAR and other major coins and tokens. The rally comes after a great performance last week, and could potentially expand even further for investors to prepare for a significant week in the US.
Bitcoin set a new all-time high of $122,800 minutes ago, after adding 4% to its value in the last 24 hours. The two major altcoins, ether and XRP, are also traded in green.
Hbar, a native coin for the Hedera blockchain, has grown 10% over the past 24 hours, making it the third best performer of the top 20 cryptocurrencies by market capitalization. The coin is currently above the $0.24 resistance level and could rise soon.
HBAR targets $0.32 as the Bulls appear to extend the rally
The HBAR/USD 4-hour chart is bullish but inefficient, suggesting that the pair can clean up liquidity on the downside before embarking on an upward rally. The technical indicators are bullish and suggest further gatherings near the mid-term period.
A relative strength index (RSI) of 74 indicates that if positive momentum is provided, the HBAR is heading towards the area where it was bought. Furthermore, the MACD line is within the positive zone, indicating bullish bias.
If the Bulls remained in control, the HBAR could rally at $0.28452 towards the first major resistance level last tested on March 2nd. If an extended gathering occurred, HBAR was able to retest the $0.32,281 level for the first time since January.
However, if the Bulls can’t take advantage of this momentum, HBAR could retest ILQ levels at $0.22556 in the coming hours or days. In extended bearish states, HBAR drops to TLQ levels at $0.19152.
