A bullish reversal from the $0.056 support hints at the formation of a double-bottom pattern. Moreover, this bullish pattern is quite well known at the market bottom and bolsters a strong bullish rally upon the breakout of its neckline resistance. In addition, the Hedera price currently trades at the $0.065 mark and gives a massive breakout from the $0.064 resistance. This development should encourage buyers for a bull run to $0.0844 neckline resistance.
Key points:
- The $0.0844 resistance level acting as the neckline of the double bottom and its breakout could further bolster the recovery rally.
- A potential bullish crossover between the 20-and-50-day EMA encourages the bullish theory.
- The intraday trading volume in the Hedera coin is $24.5 Million, indicating a 37% gain.
Source- digitalcoinprice
From early August to September, the Hedera price witnessed a high momentum correction phase resulting in a downfall to crucial support levels of $0.56. Thus, the bearish trend dropped the coin price by 33.6% within a month under the influence of the 50-and100-day EMAs.
However, the increased buying pressure at $0.56 immediately reverted the downfall resulting in a jump above the 20-day EMA. Currently, the recovery really accounts for a price rally of 16% and protects the possibility of a double bottom pattern in the daily chart.
Under this pattern’s influence, the buyers may propel Hedera price by 30% to trigger the bullish pattern. However, this bull rally may face hurdles at $0.7, $0.75, and $0.8 marks, but a possible breakout from each of these levels will offer steady confirmation for completing the pattern.
With sustained buying, the traders can expect a bullish breakout from the $0.844 neckline, signaling a breakout entry for sideline traders. Moreover, the buyers can expect the breakout rally to reach the overhead resistance of $0.11, acting for a 31% jump.
On a contrary note, if the buyer fails to surpass the $0.084 resistance, a possible reversal will weaken the bullish theory and may prolong the sideways action.
Technical Indicator
RSI indicator: the rising RSI-daily slope showcases a bullish divergence within the double bottom pattern, increasing the likelihood of uptrend continuation to $0.084
EMAs: as the recovery rally crossed the 50-day EMA, the possibility of a price jump to the 100-day EMA increases. Moreover, the breached 20-and-50-day EMA could offer potential support to
- Resistance level- $0.07, and $0.077
- Support level- $0.064 and $0.058
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