Hedera Hashgraph (HBAR) Takes Off from the Support at $0.2797 

Price activity in the Hedera Hashgraph daily market has recorded some moderate gains off that support. This has placed the token in the second position on the crypto daily movers list. While the market has seen some impressive recovery, it remains imperative that one pays close attention to price behavior in this market to make insightful decisions.

Hedera Hashgraph Statistics:

HBAR Price: $0.29

HBAR Market Capitalization: $11.3B

Hedera Hashgraph Circulating Supply: 38.24B

Hedera Hashgraph Total Supply: 50B

HBAR CoinMarketCap Rank: 18

Key Price Levels:

Resistance: $0.3000, $0.3500, $0.4000

Support: $0.2750, $0.2500, $0.2250

Hedera Hashgraph Bulls Are Picking Up the Pace

Bulls in the HBAR daily market seem to be gaining more momentum. This started after price action tested the support level at the $0.2797 baseline for several sessions before price action rebounded in the previous session. Initially, the mentioned rebound was small, but the new session has continued the trend. Price action has advanced further above important Moving Average (MA) lines.

Meanwhile, the price candle corresponding to the past three sessions suggests that the psychological resistance is proving quite hard to break. Although price action currently has all the necessary grounds to break this resistance price level, the Stochastic Relative Strength Index (RSI) lines are in the overbought region and seem currently sideways, but the ensuing lines are slightly tilted upwards.

HBAR Buyers Are Mounting Pressure on the $0.3000 Resistance Level

Coming to the Hedera Hashgraph 4-hour market, it is revealed that price action is progressing. This suggests that price action continues to gain growing momentum against the resistance at the $0.3000 resistance level. Also, price action remains above most of the MA lines.

On the 4-hour chart, the Stochastic RSI lines on this price chart have risen high into the overbought region. Also, the lead line of the indicator now has a deflection. Technically, this hints that the $0.3000 resistance price level may be broken shortly but will require more commitment from buyers in the market. Traders can position their targets around the $0.3150 price mark.

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