Published 2 hours ago
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. However, 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.
- 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.
From early August to September, the Hedera price witnessed a high momentum correction phase resulting in 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
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