HBAR Shows Signs of Bullish Reversal With Potential Price Target of $0.37 Amid Improved Market Sentiment

• Hedera’s (HBAR) recent market movements suggest a potential shift in momentum, showcasing bullish indicators that could redefine its trading direction.

• With technical analysis highlighting a bullish RSI and volatility squeezes, there may be an opportunity for traders and investors to capitalize on potential price gains.

• “The convergence of bullish indicators illustrates HBAR’s resilience in a fluctuating market environment,” noted analysts at COINOTAG.

Hedera’s HBAR shows strong signs of bullish reversal as RSI and volatility indicators align, potentially leading to significant price movements ahead.

HBAR Is Back In The Bullish Zone

For the first time since late January, the relative strength index (RSI) for HBAR has entered the bullish zone, signaling an important shift in sentiment. This marks a major achievement for the token, as it indicates that bullish momentum is now gaining traction.

The RSI suggests that the recent downtrend may be over, and the altcoin could continue to move upward as broader market conditions improve. Investor sentiment is also improving, driven by this change in the RSI. As HBAR moves into the bullish zone, it is likely to attract more interest from both retail and institutional investors. This shift in sentiment can help drive the price higher.

HBAR RSI. Source: TradingView

The Bollinger Bands for HBAR have recently exhibited a squeeze, signaling a potential spike in volatility. This pattern often precedes significant price movements, and in this case, the volatility played in favor of the altcoin’s recovery. The candlesticks were positioned below the basis line during the squeeze, which historically indicates a bullish breakout.

With the volatility now playing in HBAR’s favor, the token is well-positioned to experience a rise in the coming weeks. As the price breaks free from the tight range, the potential for a strong upward movement increases.

HBAR Bollinger Bands. Source: TradingView

HBAR Has A Lot To Look Forward To

HBAR’s price is currently up 16.8% over the last 24 hours, having broken out of its previous downtrend. This move has pushed the altcoin above the $0.22 resistance level, setting the stage for a potential continued uptrend.

The next target for HBAR is to reclaim the losses from mid-January to mid-February. To do so, the altcoin would need to flip $0.27 into a strong support level, which would allow it to continue its rise toward $0.37. This move would represent a 60% increase in price, significantly benefiting early investors.

HBAR Price Analysis. Source: TradingView

However, if HBAR fails to breach $0.27, it may find itself consolidating within the $0.27 to $0.25 range, or even between $0.25 and $0.22. Both of these support levels have been tested before, and failure to break past $0.27 would invalidate the bullish outlook for the altcoin.

Conclusion

The convergence of multiple bullish indicators, including a strengthened RSI and potential for volatility, positions HBAR for a notable recovery. However, the resilience to breach the key resistance at $0.27 will be crucial in determining the altcoin’s future trajectory. Without overcoming this barrier, HBAR may remain in a consolidation phase. Therefore, investors should monitor these developments closely for potential entry points.