Hedera [HBAR] has been showing signs of a bullish market structure on the daily chart, with key Fibonacci retracement levels acting as obstacles. The token’s momentum has stalled in the past few days, but the demand remains strong, indicating potential for further upside.
Bulls have successfully established an uptrend, surpassing the $0.194 level and reclaiming the 50% Fibonacci retracement level from the March downtrend. Despite facing resistance at the $0.206 support level, the OBV (On-Balance Volume) suggests that buying pressure is still present, with the indicator trending upward since mid-April.
With the bullish momentum in the broader cryptocurrency market, HBAR could potentially target the $0.253 level, representing the 78.6% retracement level. However, the short-term price action may see a range formation, as indicated by the 1-month liquidation heatmap highlighting the $0.2 and $0.23 levels as key magnet zones for price movement.
The $0.2 level, just above the swing high from late March, and the $0.23 level beyond the 61.8% Fibonacci retracement level, are likely to attract prices due to liquidity. Traders should monitor these levels closely for potential entry and exit points, while also managing risk effectively.
On a longer-term perspective, the 1-week liquidation heatmap further reinforces the significance of the $0.2 level, indicating a buildup of liquidity in that region. A move towards $0.195-$0.2 is expected in the near term, followed by a potential bullish reversal. However, the possibility of a range formation in the coming days suggests a cautious approach for traders.
In conclusion, while HBAR has shown bullish signs on the daily chart, the short-term price action may experience a range-bound movement. Traders should stay vigilant and adapt their strategies accordingly to capitalize on potential opportunities while managing risk effectively. As always, it is important to conduct thorough research and analysis before making any trading decisions.
Disclaimer: The information provided is for educational purposes only and should not be considered as financial advice. It is recommended to seek professional advice before making any investment decisions.