Navigating Resistance and Support Amidst Positive Momentum

HBAR has recently surged to the $0.060 range, but encountered a formidable obstacle as this level acted as a crucial resistance and a strong supply area. As a result, many buyers seized the opportunity to take profits within this range, and this limited the formation of additional demand for further price growth. Nevertheless, there seems to be a supportive zone around $0.050 on the chart, which elicited a positive reaction and still indicates a bullish outlook for the medium-term conditions of this currency.

Unless a strong bearish candle appears under the $0.050 range in the daily timeframe, it's reasonable to expect the price to continue trading within the established range channel. Additionally, if we shift our perspective, we can observe an ascending channel on the chart. As long as the lower boundary of this channel remains unbroken, we can anticipate positive fluctuations in the currency's price, potentially leading it towards the $0.060 range.

Moreover, it's worth noting that the RSI level currently stands at 51. This means there's a moderate level of buying and selling pressure, signifying a relatively balanced market sentiment