Hedera (HBAR) leading market recovery with a 14% surge in 24 hours

Hedera (HBAR/USD) has been on an uptrend during the past 24 hours, and the gains have coincided with slight market recovery. The global crypto market was spooked by geopolitical tensions on Monday, but the volatility seems to be cooling down.

Hedera is one of the best performers during the past day, having made double-digit gains to trade at $0.232 at the time of writing.

Hedera makes a bold recovery

On February 22, Hedera dipped towards lows of $0.19, following a major selloff across the market. The token seems to have garnered buyer support from traders that booked profits at the lows, and it is now heading towards higher ground. The overall market support is also playing a role in sustaining the high prices.

HBAR’s bullish sign is still strong, and the token could test the next resistance at $0.26. During the past month, the token has not made any major uptrend past $0.27, and if the current bullish trend is strong, it could form a new monthly high by surging towards $0.30. This will take HBAR back to the January 12 levels.

The rally towards monthly highs will be triggered by the broader cryptocurrency market support. Market support is needed to prevent short-term traders from triggering a selloff that will result in a price dip.

External factors could trigger bears

Several factors are playing against HBAR making a bullish trend, at least in the short term. One of these is the ongoing geopolitical tensions in the Russia-Ukraine crisis, causing liquidations across the market. Moreover, an executive order is to be released this week by US president Joe Biden to regulate the crypto sector.

Due to these factors, a bearish trend is still at play. If the price dips, HBAR will head towards the lower support level at $0.21. Further selloffs will be created if the token dips below $0.19, in which case the token could go back to the July 21, 2021 levels of $0.16.

With the market still looking bearish, a correction is even more likely due to the immense gains made by HBAR during the past 24 hours.

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