Amid the recent recovery in the crypto market, the Hedera coin rebounded from the $0.037 mark and witnessed a parabolic recovery. Moreover, this V-shaped recovery surged the coin to its current price of $0.071, registering a 93% gain since January 1st. Along with multiple resistance, the coin price recently breached the resistance trendline of a falling wedge pattern. Here’s how completing this pattern may influence the HBAR coin’s future price.

Key  Points:

• The intense supply pressure at $0.074 hints at HBAR price for a 10-20% correction.
• A bullish crossover between the 20-and-50-day EMA may accelerate the bullish momentum.
• The intraday trading volume in the HBAR coin is $302.4 Million, indicating a 234.5% gain.

Source-  Tradingview

The falling wedge pattern continuation pattern has been directing a steady downtrend for the past seven months. On January 20th,  the coin price gave a high momentum breakout from the pattern’s resistance trendline, hinting at an early sign of trend reversal. In theory, the potential target from this pattern is the highest swing top within the pattern, which is $0.1 for a Hedera coin.

On January 20th, the coin price witnessed a significant inflow and showed an 18.5% intraday jump. However, this massive bullish candle closed below the local resistance of $0.074, displaying a long-wick rejection.

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This price rejection indicates the sellers continue to defend and suggests a higher possibility for price reversal. Anyhow, a minor correction could be beneficial for Hedera coin as it will stabilize the excessive buying and check whether the buyers could sustain higher prices.

A potential retracement may tumble the altcoin price 10-to-20% by revisiting the $0.0644 or $0.0565 support, respectively.

Technical indicator

RSI: The daily RSI(85.5%) surged into the oversold region, indicating the over-extended buying from traders. Thus, this indicator’s value above 80% usually increases the possibility of price correction.

EMA’s: the recent recovery cycle pushed the Hedera coin price above the crucial EMAs(20, 50, 100, and 200) in one strike. Moreover, these EMAs could provide significant support to buyers in case of price pullback.

Hedera Coin Price Intraday Levels

• Spot rate: $0.07
• Trend: Bearish
• Volatility: Medium
• Resistance levels- $0.74 and $0.83
• Support levels- $0.64 and $0.54