HBAR Price Analysis: Hedera Spikes on Elon Musk Cryptic Tweet, Here Are the Key Levels To Watch

• Hedera (HBAR) swiftly rebounded from lows of $0.194 on Feb. 22
• Hedera seems to be benefitting this time from Elon Musk’s recent cryptic tweet of ”h”
• Hedera’s currency symbol is a lower case italicized HBAR or ”h”

Hedera (HBAR) swiftly rebounded from lows of $0.194 on Feb. 22, prompting a near 20% rise to intraday highs of $0.239. At the time of publication, HBAR was changing hands at $0.230 significantly up, more than the rest of the market trading in the red. Hedera seems to be benefitting this time from Elon Musk’s recent cryptic tweet of ”h”. A tweet that followed the one about ”h”. stated that “tau > pi,” referring to numbers. This time, his tweet has left the Twitter community and crypto enthusiasts wondering again what the Tesla CEO is thinking. Questions started flowing in immediately as to what this stands for. The Hedera network responded to the Tesla CEO’s tweet ”same” while noting that its currency symbol is a lower case italicized HBAR or ”h”, which represents the written way to express Hedera cryptocurrency.

Key Levels
Resistance Levels: $0.3500, $0.3000, $0.2500
Support Levels: $0.1800, $0.1500, $0.1350

HBAR/USD Daily Chart: Ranging

HBAR/USD Daily Chart

On the daily chart, HBAR’s brief fallback found support over the $0.1948 level which indicates solid buying interest. The price is grinding up towards the daily moving average (MA 50) and sentiment remains upbeat as long as it stays above the Jan. 22 low of $0.1861. The moving average (MA 200) peak at $0.3116 is the target as volatility picks up again.

A bullish breakout could trigger a broader reversal in the weeks to come. The action is supported by bullish daily analysis, although weakening bullish momentum may slow the advance for extended consolidation. HBAR’s key support is at $0.1800 which might contain dips and offer better buying opportunities if it sells on rallies.

HBAR/USD 4-Hour Chart: Ranging

HBAR/USD 4-Hour Chart

HBAR/USD started a decent increase from a low of $0.1948 against the bears. The pair gained pace for a move above the short-term moving averages (MA 50 and MA 200) near the $0.2350 to hit an intraday high of $0.2392 at the time of analysis. Looking at the 4-hours chart, the pair seeks to break the $0.2400 hurdle.

There was a spike towards the 1.3640 resistance, and a close above the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours). Any further increases might push the pair closer to the $0.2500 level. If not, the HBAR/USD pair might retrace to $0.2100. In the stated case, it could revisit the $0.2000 zone.

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