Home » Journal » HBAR Nears Wedge Breakout Following Surge, As This Other Altcoin Soars After Deal with Major Internet Trading Entity

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HBAR Nears Wedge Breakout Following Surge, As This Other Altcoin Soars After Deal with Major Internet Trading Entity

Samuel Munene

February 7, 2024

A recent price surge has set the stage for further gains by Hedera’s native token HBAR, while blockchain domain name service Ethereum Name Service (ENS) scored a partnership that drove its value higher as per Coinpedia’s analysis data from TradingView.

HBAR

HBAR jumped 7.79% in a bullish push to break through the 50-day moving average (EMA), positioning it for additional upside. However, demand subsequently waned, sending HBAR into a retest phase of its recent wedge breakout and suggesting some consolidation is ahead before the next advance.

If HBAR stays above the 50-day EMA going forward, it could climb to $0.091. Then it may reach the coveted $0.10 level. However, though HBAR has briefly spiked toward $0.10 before, it hasn’t set a solid support level. The 200-day EMA poses a potential chance for HBAR to see a bullish turnaround. But so far HBAR hasn’t been able to sustain its push past $0.10 despite inspired rallies at times.

Meanwhile, the immediate resistance posed by the declining 50-day EMA could fuel a tug-of-war between buyers and sellers. However, Hedera’s announcement of a DeepTech Venture Studio in Saudi Arabia as part of a substantial $250 million initiative injects some optimism about HBAR’s path. 

In addition, HBAR’s recent movement within a falling wedge hints at an impending bullish breakout, underpinned by a 30% drop that could set the stage for a rebound.

ENS

The Ethereum Name Service token has also regained its footing, challenging the key 23.60% Fibonacci retracement level at $23.33. The collaboration with GoDaddy and other bullish catalysts in the Ethereum ecosystem are buoying optimism for a significant ENS uptrend.

If ENS can surmount the $23 barrier, it could embark on an ascent to $33, lifted by market enthusiasm and partnerships. ENS’s staggering 145% market cap expansion over the past seven weeks signals robust investor confidence and momentum.

Moreover, anticipation is building around Ethereum’s forthcoming “Dencun” upgrade and the potential ETF launch in May. As an integral component of the Ethereum landscape, ENS stands to benefit from the interconnected bullish sentiment pervading the ecosystem.

The spike in trading volume accompanying ENS’s price jump underscores this rally’s vigour and engaged investor base. Additionally, ENS’s technical posture hints at a breakout past $23, with indicators like the morning star pattern bolstering bullish expectations. The RSI’s push above the overbought zone signals escalating demand and positive dynamics for ENS.

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