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HBAR Price Stagnant Despite Double Bottom Breakout!

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HBAR Price Stagnant Despite Double Bottom Breakout!

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. 

Source- TradingView

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.

Technical indicator:

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.

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