With a bullish recovery in motion, the HBAR price takes a second attempt to break above the $0.075 mark. This attempt leads to a bullish pattern in the daily chart and increases the likelihood of a trend continuation. However, the market conditions lead to a short-term red ocean phase for altcoins.
With the pullback in Bitcoin to $40K, the buyers are exiting altcoins under high FUD emotions. Nevertheless, a bounce back can lead the market to normal conditions and revive the bullish emotions.
The recovery rally in HBAR price extended with the overall market recovery over the past two months, breaking through multiple overhead resistances. Additionally, with a notable increase of 60% within 60 days, the altcoin price reclaims the $0.070 mark but shows a bullish struggle to go further.
Facing enormous supply at levels above, the recovery rally takes a short pullback and takes a lateral shift above the broken trendline. Therefore, despite the double-bottom breakout, the HBAR price consolidates below the $0.075 mark.
Nevertheless, as long as the HBAR price trend sustains above the broken trendline, the buyers can revive the bull run. Currently, the altcoin prices trade at $0.073 with an intraday fall of 2.81%, reflecting a strong supply force today.
MACD indicator: The MACD and signal lines trend higher but struggle to sustain the bullish gap, teasing a crossover.
EMAs: Following the golden crossover, the HBAR price trend may find dynamic support at the 50D EMA.
Will HBAR Price Rise Above $0.075?
After the double bottom breakout and the golden crossover confirmed a major trend reversal, the HBAR price trend continued its dominant bull run. However, the market recovery stalled due to a bitcoin pullback, halting the uptrend in Hedera.
Nevertheless, if the momentum revives, then the breakout rally will cross the $0.075 mark. Considering the buyers reclaim the $0.075 post, the high-speed recovery can cross the psychological mark of $0.10.
If the buyers fail to dominate, the market price can plunge to $0.060.