HBAR has demonstrated significant positive movement over the past month, with its price recently hitting $0.19 and edging closer to the crucial $0.20 resistance point.
The surge in the altcoin's value is backed by a general market shift, positioning HBAR for a potential breakthrough. This could signal the end of its recent downward trend and a substantial price rebound.
The emergence of the Death Cross on April 13, triggered by the 200-day EMA crossing under the 50-day EMA, initially raised concerns among HBAR traders. Yet, the recent price surge of HBAR suggests that the Death Cross might conclude sooner than anticipated. If the ongoing bullish trend persists, it may negate this bearish signal before completing a full month, indicating a positive shift for HBAR.
Should HBAR sustain its current momentum, this reversal could mark a significant turning point for the cryptocurrency. The potential resolution of the Death Cross would instill confidence in the token and signify that HBAR is prepared to move beyond its recent obstacles.
Alongside technical cues, the optimistic market sentiment surrounding HBAR is reinforced by favorable funding rates. The positive funding rate has held steady for the past three weeks, implying a dominance of long contracts over short positions. This trend indicates investor optimism regarding HBAR's future price trajectory, with many banking on further upswings.
The upbeat futures market sentiment underscores robust investor interest in HBAR. The continued prevalence of long contracts reflects a growing belief in the altcoin's potential.
As HBAR currently tests the $0.20 threshold, which has proven elusive for almost two months, its price at $0.195 places it on the brink of a potential breakthrough. However, previous endeavors to breach this resistance led to retracements, underscoring the critical importance of the next few days in determining its path ahead.
With strong broader economic support, HBAR could finally surpass the $0.20 resistance and convert it into a support level. Achieving this would set the stage for a move to $0.222, confirming a breakout after a consolidation period of two months. Such a price shift would validate the optimistic outlook and pave the way for further gains.
Conversely, if HBAR falters in breaking through $0.20 once again, it might encounter a decline back to $0.182 or even $0.167. A drop to these levels would erase recent advancements and undermine the bullish perspective. Investors will closely monitor the $0.20 mark to assess the sustainability of the current momentum.