HBAR has recently made an attempt to recover from previous losses, aiming to reach the next major resistance level.
As the altcoin gains momentum, traders are finding relief, especially with the support of favorable market conditions. This could allow HBAR to continue its upward trajectory and avoid liquidation risks.
HBAR Traders Saved From Losses
Currently, the MACD (Moving Average Convergence Divergence) indicator is signaling a bullish crossover. This shift marks the end of a bearish crossover that had been active for more than three weeks. The MACD line crossing above the signal line suggests a potential reversal in momentum, which could help HBAR recover its recent losses. This shift is particularly significant for traders looking to regain confidence in the token’s price movement.
As the MACD crossover takes place, the market sentiment around HBAR is turning more positive. The shift to bullish momentum provides traders with optimism, supporting the potential for a quicker recovery. With this technical indicator signaling a trend reversal, HBAR could see increased buying pressure, which may help it surpass its resistance levels in the near future.
The liquidation map further emphasizes how crucial the recent price action has been for HBAR traders. Had HBAR’s price dropped to the next support level at $0.163, it could have triggered $37.2 million worth of long liquidations. This would have caused significant losses for traders holding long positions. However, with the bullish crossover, HBAR’s price action has provided a much-needed relief, preventing a drop to the critical support level.
For many traders, this shift in momentum has been a welcome development. With the liquidation risk mitigated, long traders are more likely to remain active in the market. This continued optimism from bullish traders is key to maintaining upward pressure on the price, supporting the potential for HBAR to break through resistance levels and recover its previous losses.
HBAR Price Needs To Breach Key Barrier
At the time of writing, HBAR is trading at $0.176, just under the resistance level of $0.182. The bullish crossover, along with the support from the technical indicators, could help HBAR breach this barrier. If successful, the altcoin will likely continue to rise, targeting higher resistance levels.
Flipping $0.182 into support would signal the start of an uptrend and solidify the recent gains. This shift would confirm the continuation of the bullish momentum, enabling HBAR to push past $0.189. The strong support from traders and market indicators suggests that HBAR could see further price growth if it maintains this upward momentum.
However, if HBAR fails to breach the $0.182 resistance and faces selling pressure, the price could decline back to the local support of $0.172. A drop below this support could lead to a further slide to $0.163, invalidating the bullish outlook. Such a decline would trigger $37.2 million in long liquidations, dampening the market sentiment and potentially reversing the upward trend.
Disclaimer
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