Hedera (HBAR) Flips Green: Will the Momentum Build Further Upside?

• Hedera (HBAR) is currently trading at $0.091.
• Daily trading volume has increased by over 21%.

With a brief spike in the crypto market, both red and green flags are waving across the digital assets. Besides, the broader market sentiment hangs around extreme fear as the Fear and Greed Index value is settled at 9. The largest assets, Bitcoin (BTC) and Ethereum (ETH), are trading at their former lows.

Turning attention toward the altcoins, Hedera (HBAR) has posted a 2.17% spike in value. The asset kicked off the day trading at a low of $0.08918, and with the brief bullish shift, the HBAR price climbed to a high of $0.0959. If the bullish pressure loses strength, the bears would re-enter, and more downside may follow.

The CoinMarketCap data has reported that at the time of writing, Hedera traded within the $0.09131 mark, with its market cap staying at $3.92 billion. Besides, the 24-hour trading volume of HBAR has increased by over 21.93%, likely reaching the $152.93 million mark. 

HBAR’s 4-hour trading chart displays that the price could move up and test the resistance at the $0.092 range. Further upside pressure might trigger the golden cross to take place, and the bulls would send the price toward its previous high above $0.093. 

On the downside, if Hedera reversed the momentum bearish, the price might slip toward the nearest support at the $0.090 level. With an extended correction on the downside, it pushes for the emergence of the death cross; the asset’s price could fall below $0.089. 

Hedera’s Technical Chart Hints at Rising Bullish Momentum

Hedera’s Moving Average Convergence Divergence (MACD) line is above the signal line, and both crossed over the zero line, indicating a strong bullish trend. The price action might continue to move upward unless the momentum weakens.

HBAR chart (Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator positioned at 0.16 suggests a healthy buying pressure in the HBAR market. Notably, the money is flowing into the asset, not extreme but strong enough to support the price strength. 

The daily Relative Strength Index (RSI) is found at 55.67, signalling a moderately bullish market sentiment for Hedera. Buyers have the upper hand and favour continued upside. Also, there is room for further gains if buying pressure stays. Moreover, HBAR’s Bull Bear Power (BBP) reading of 0.00274 implies a slight bullish bias. As the buying pressure is mild, it is almost neutral, but still leans bullish. Significantly, the ongoing momentum of the asset is not strong yet.

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