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Home»TRADING NEWS»After breaking key resistance, what is the next step?
TRADING NEWS

After breaking key resistance, what is the next step?

By Crypto FlexsJanuary 16, 20253 Mins Read
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After breaking key resistance, what is the next step?
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HBAR finally broke out of a month-long consolidation below $0.33, a level where multiple breakout attempts failed.

The recent surge has lifted the altcoin by 20% on the back of broader market optimism, opening the door to further gains if the positive momentum continues.

HBAR is going strong.

The correlation between HBAR and Bitcoin remains strong at 0.88, indicating that altcoin price movements are closely linked to Bitcoin’s trajectory. This is a promising sign as Bitcoin is on the verge of regaining the critical $100,000 level, which could boost bullish sentiment for the broader cryptocurrency market, including HBAR.

With Bitcoin’s potential breakout acting as a catalyst, HBAR could benefit from renewed investor confidence. Positive movements in Bitcoin price will likely enhance HBAR’s upward trajectory, making correlation a key factor in the altcoin’s future performance.

HBAR correlation with Bitcoin. Source: TradingView

HBAR’s Relative Strength Index (RSI) is nearing 70.0, an overbought area often seen as a harbinger of a price correction. However, HBAR has historically shown resilience when RSI enters this zone, suggesting that it can defy the traditional bearish outlook associated with overbought conditions.

This resilience, combined with continued market support, will allow HBAR to maintain its current bullish momentum. Even when RSI is at elevated levels, broad market sentiment and historical performance provide a buffer against immediate bearish pressure.

HBAR RSI
HBAR RSI. Source: TradingView

HBAR Price Prediction: Maintain Profit

HBAR has surged nearly 20% in the past 24 hours, breaking out of a consolidation range between $0.25 and $0.33. The breakout marks a significant milestone for the altcoin and potentially sets the stage for further gains.

The next major resistance for HBAR is $0.39. A successful breach of this level could push the altcoin above $0.40. However, this bullish scenario relies on HBAR securing the $0.33 support bottom to maintain its upward momentum.

HBAR price analysis
HBAR price analysis. Source: TradingView

If broader market conditions turn bearish, HBAR risks losing important support near $0.33. This development could push the altcoin back to its previous consolidation range above $0.25, delaying further price gains and potentially nullifying the bullish outlook.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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