After an increase of 27%.. Hbar records the highest level in 4 months and outperforms Bitcoin Cash

HBAR has witnessed a sharp rise in the past hours, reaching its highest level in 4 months after a rise of 27% in only one day.

This strong performance prompted the market value of the currency to $ 10.74 billion to exceed Bitcoin Cash in terms of market arrangement, which attracted the attention of investors and returned HBAR to the spotlight in the digital currency market.

Capital flows raise warning signals

Despite the rising momentum, the technical market indicators have begun to show signs of the possibility of a price correction soon, and according to the Chaikin Money Flow (CMF), HBAR is witnessing strong positive financial capital flow He approaches its end.

If the indicator exceeds this limit, a wave of profit reaping may start, which opens the door to a short -term decline in price, and this type of correction is not strange in emerging markets, especially when they reach major resistance levels as is the case now.

A strong association with Bitcoin gives HBAR additional support

One of the factors that may reduce the risk of sharp decline in price is the strong connection between HBAR and Bitcoin, where data shows that the correlation coefficient between them has reached 0.94, and this means that HBAR tends to move in a similar direction for Bitcoin, which is now approaching the level of $ 120,000 in an attempt to record a new historical summit.

The continued rise of Bitcoin can push the rest of the market, including HBAR towards more altitudes, even in light of excessive signals, thanks to the support of the public market and the growing positive morale.

Does HBAR go up?

At the moment of writing this report, the HBAR price is trading at $ 0.250, which is a decisive resistance level that represents a real test of the strength of this rise, and if the currency succeeds in penetrating this barrier and installing the price over it, the road may open towards a level of $ 0.267, which is the next goal in terms of technical analysis.

But if the price fails to exceed this level, or if the market is exposed to a large sales wave, HBAR may decline to $ 0.220, and perhaps to $ 0.188, which would weaken the positive view and push investors to rethink their bets.