Hedera Hashgraph (Hbar/USD) was up over 6% on Thursday. It has tried breaking out from the upper trendline multiple times this week by trying to break the resistance at $0.452 however the sellers came in full force and caused the breakout to be rejected.Nevertheless It has weakened the resistance and a breakout could be seen anytime now.
Hbar has been trying to breakout since September and a breakout now could yield some huge moves soon.
A look at this years charts-
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Hbar has formed a symmetrical triangle after a sharp rally this week and is extremely close to breaking out now.
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Hbar has been in a strong uptrend since October and has been consistently making higher highs, this is a great structure and a continuation can be expected.
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A breakout was rejected on Wednesday and Thursday however the upper trendline won’t be able to reject the breakout for too long thus a breakout could be coming very soon.
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Hbar has also consolidated this week which shows that it is preparing towards a huge breakout.
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The 50-day moving average is also supporting the price thus a breakdown should not be expected.
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A bullish RSI divergence can also be seen, moreover the RSI also sharply rose on Thursday suggesting that the buying volumes are increasing sharply.
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An entry can be taken after the breakout above the $0.46 level.
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A stop-loss can be set at $0.414 to avoid getting caught in a false breakout.
Conclusion
Hbar could be a great pick for investors to get in early to yield higher results however investors must wait for a breakout before entering. Investors should set a stop loss too as a shakeout could occur as well.
