Bulllish RSI Divergence Set Hedera Price Rally To Hit $0.084

A bullish reversal from the $0.056 support hints at the formation of a double-bottom pattern. Moreover, this bullish pattern is quite well known at the market bottom and bolsters a strong bullish rally upon the breakout of its neckline resistance. However, the Hedera price currently trades at the $0.065 mark and gives a massive breakout from the $0.064 resistance. This development should encourage buyers for a bull run to $0.0844 neckline resistance. 

Key points: 

• The $0.0844 resistance level acting as the neckline of the double bottom and its breakout could further bolster the recovery rally. 
• A potential bullish crossover between the 20-and-50-day EMA encourages the bullish theory.
• The intraday trading volume in the Hedera coin is $24.5 Million, indicating a 37% gain.

Source- digitalcoinprice

From early August to September, the Hedera price witnessed a high momentum correction phase resulting in downfall to crucial support levels of $0.56. Thus, the bearish trend dropped the coin price by 33.6% within a month under the influence of the 50-and100-day EMAs.

However, the increased buying pressure at $0.56 immediately reverted the downfall resulting in a jump above the 20-day EMA. Currently, the recovery really accounts for a price rally of 16% and protects the possibility of a double bottom pattern in the daily chart. 

Under this pattern’s influence, the buyers may propel Hedera price by 30% to complete the pattern. However, this potential rally may face hurdles at $0.7, $0.75, and $0.8 marks. A breakout from each of these levels will offer small confirmation for completing the bullish pattern.

With sustained buying, the traders can expect a bullish breakout from the $0.844 neckline, signaling a breakout entry for sideline traders. Moreover, the buyers can expect the breakout rally to reach the overhead resistance of $0.11, acting for a 31% jump. 

On a contrary note, if the buyer fails to surpass the $0.084 resistance, a possible reversal will weaken the bullish theory and may prolong the sideways action.

Technical Indicator

RSI indicator: the rising RSI-daily slope showcases a bullish divergence within the double bottom pattern, increasing the likelihood of uptrend continuation to $0.084

EMAs: as the recovery rally crossed the 50-day EMA, the possibility of a price jump to the 100-day EMA increases. Moreover, the breached 20-and-50-day EMA could offer potential support to 

• Resistance level- $0.07, and $0.077
• Support level- $0.064 and $0.058