Hedera (HBAR) Token Price Analysis: Rally Targets $0.35 Extension for a New 52-Week High

As the bull run in the Hedera (HABR) token hits $0.15, the rally targets an extension to $0.35 for a new 52-week high.

Hedera (CRYPTO: HABR) is up 150% over the last seven days and now trades at $0.1445 with a 24-hour volume of $2.2 billion. The price range over the last 24 hours spans from a low of $0.1318 to a high of $0.161. It is currently down nearly 70% from its 52-week high of $0.4788.

What's Driving The Rally In HBAR?

The HBAR token has shown incredible strength in the last couple of weeks, making a V-shaped recovery on the daily chart. Starting from a low of $0.04159 earlier this month, Hedera's bull run has seen its price appreciate by 245% in the last two weeks.

After breaking out of a descending channel pattern on the daily chart earlier this month, HBAR price began its bullish rally, targeting the 100% Fibonacci level at $0.1567.

As HBAR price continues its rally up the Fibonacci levels, a bullish continuation pattern is forming on the daily chart. With two doji candles forming at key resistance levels followed by a bullish candle, the bulls are attempting to push Hedera price to new 52-week highs.

After forming a triple bottom pattern at the beginning of December, Hedera price began rallying into the new year. As HBAR price continued making new highs, a bullish pennant formed on the daily chart, signaling a continuation of the bullish momentum.

After breaking out of the bullish pennant pattern on the daily chart, Hedera price began rallying rapidly, targeting the 200-day EMA. As HBAR price reached the 200-day EMA, it showed signs of slowing down, forming an evening star candlestick pattern at the 200-day EMA.

Hedera (HBAR) Price Analysis For November 22

On the daily HBAR/USD chart, the bullish momentum is facing resistance at the 100% Fibonacci level, where a doji candle is forming following last night's massive 60% surge.

After making consecutive bullish candles over the last five days, which accounts for a nearly 150% surge, the bullish momentum has resulted in a positive crossover between the 50-day and 100-day EMA lines.

Moreover, it has increased the chances of a golden crossover between the 50-day and 200-day EMAs, which could propel Hedera price to new 52-week highs this November.

The Moving Average Convergence Divergence (MACD) indicator is showing extremely bullish histograms, which are supported by the bullish trend and reflect strong momentum in HBAR price.

As a result, the technical indicators are signaling a buy in Hedera, which could see Hedera price continue rallying to new highs before the end of the year.