HBAR and DOT Could Skyrocket Soon : Key Price Levels to Watch
In the cryptocurrency market, we are witnessing a strong rebound following a significant correction last Monday, with Bitcoin (BTC) dropping to $89,216 before climbing back above $97,000. This bullish momentum is now spreading to top altcoins like Hedera (HBAR) and Polkadot (DOT), each gaining 10% and 5% today, nearing crucial resistance levels, hinting at a potential upcoming rally.
Written by Thomas - Last updated on 01/16/2025 at 15:42 by Thomas
Hedera (HBAR) : Heading towards a breakout ?
Currently trading at $0.31, Hedera (HBAR) is nearing the upper resistance of a bullish pennant. The token has been moving within this consolidation pattern for several weeks, but recent positive momentum suggests a bullish breakout may be imminent.
If HBAR successfully breaks above the upper pennant resistance, with a potential retesting phase, it could trigger a rally towards its next resistance levels at $0.33 and $0.39, representing a potential upside of up to 25% from current levels.
HBAR on a 4-hour chart (Source: Trading View)
Technical indicators also favor a bullish scenario: the MACD is showing a positive crossover, while the Relative Strength Index (RSI) at 56.36 indicates a moderately positive momentum, without entering overbought territory.
Polkadot (DOT) : A breakout from the triangle ahead ?
On the other hand, Polkadot (DOT), currently priced at $6.77, shows signs of a potential breakout as it approaches the upper resistance of a descending triangle and its resistance zone.
If DOT successfully breaches the upper triangle resistance, it could trigger a rally towards its next resistance levels at $8, $9.26, and $11.63, indicating a potential upside of up to 72% from current levels.
Regarding indicators, the MACD for DOT is approaching a bullish crossover, suggesting a shift in favor of buyers. Additionally, with an RSI at 41.69, there is still room before entering overbought conditions.
A rally on the horizon ?
The overall cryptocurrency market recovery, led by a strong rebound in Bitcoin, has set the stage for altcoins like HBAR and DOT to potentially break out of their respective consolidation patterns.
The pattern formations on both charts suggest that breakout of resistances could trigger significant upward movements for these two tokens.
HBAR and DOT are at crucial junctures, with chart patterns indicating breakout potentials. Traders will need to closely monitor these levels and watch for volume confirmations to validate these moves.
⚠️ This article is published for informational purposes and should not be considered as investment advice. Crypto-currency trading involves risk and it is important not to invest more than you can afford to lose.
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Web editor for many years and SEO specialist, Thomas became an editor for InvestX when the site was launched. Passionate about the field of crypto and Web3, Thomas has made it his mission to deliver maximum value and introduce readers to the world of blockchains, considered for him as the world of tomorrow.
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