HBAR targets $0.32 after blasting through the $0.24 resistance level

Key takeaways

Hedera’s HBAR is the third-best performer among the top 20 cryptocurrencies by market cap.
The coin is targeting the $0.32 resistance level after overcoming $0.24 a few hours ago.

HBAR rallies as BTC sets a new all-time high

The cryptocurrency market is having a positive start to the week thanks to rallies by Bitcoin, Ether, XRP, HBAR, and other major coins and tokens. The rally comes after last week’s excellent performance and could extend further as investors prepare for a crucial week in the United States.

Bitcoin has set a new all-time high of $122,800 a few minutes ago after adding 4% to its value in the last 24 hours. Ether and XRP, the two leading altcoins, are also trading in the green.

HBAR, the native coin of the Hedera blockchain, is up 10% in the last 24 hours, making it the third-best performer among the top 20 cryptocurrencies by market cap. The coin has now surpassed the $0.24 resistance level and could rally higher soon.

HBAR targets $0.32 as bulls look to extend rally

The HBAR/USD 4-hour chart is bullish but inefficient, suggesting that the pair could sweep liquidity to the downside before embarking on any upward rally. The technical indicators are bullish, suggesting a further rally in the near to medium term.

The Relative Strength Index (RSI) of 74 shows that HBAR is heading into the overbought region if the positive momentum holds. Furthermore, the MACD lines are within the positive zone, indicating a bullish bias.

If the bulls remain in control, HBAR could rally towards the first major resistance level at $0.28452, last tested on March 2nd. In the event of an extended rally, HBAR could retest the $0.32281 level for the first time since January. 

However, if the bulls fail to leverage this momentum, HBAR could retest the ILQ level at $0.22556 in the coming hours or days. An extended bearish condition would see HBAR drop to the TLQ level at $0.19152.