Date: Sat, February 15, 2025 | 08:40 AM GMT
In the cryptocurrency market this week, major altcoins are showing signs of recovery after weeks of correction as Bitcoin dominance has dropped by 2.10% over the past seven days, now sitting at 60.61%. This decline suggests that altcoins might be gearing up for a rebound.
Following this, the top altcoin Hedera (HBAR) is also making a comeback with noticeable gains over the last seven days and is showing signs of a potential reversal after suffering a correction of over 28% in the last 30 days.
Broadening Wedge Setup
On the daily chart, HBAR initially saw a massive rally of almost 800% in November 2024, surging from $0.042 to a high of $0.39 in early December. Since then, it has been consolidating within a Broadening Wedge pattern, a formation known for potential breakouts in either direction.
During this phase, HBAR has consistently tested both the upper resistance and lower support of the wedge. The recent sharp decline led HBAR to retest the lower boundary at $0.18, a key support level, from which it has strongly rebounded.
Currently, HBAR is trading around $0.2375, and if this pattern plays out, it will soon approach its next resistance at the 100-day SMA. A breakout above this level would confirm bullish momentum, potentially leading to a major recovery towards the upper resistance of the wedge near $0.40.
The MACD (Moving Average Convergence Divergence) indicator is signaling a bullish crossover, with the MACD line crossing above the signal line. This suggests that selling pressure is weakening and buyers are regaining control.
Is a Recovery Ahead?
While HBAR has shown a strong rebound from key support, the next few trading sessions will be crucial in determining whether it can maintain its upward momentum. However, the broader market trend—including Bitcoin’s dominance and overall sentiment—will play a key role in HBAR’s short-term direction.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.