Capybara Nation [BARA] has witnessed a remarkable surge of 348.90% in the past 24 hours, propelling its price to $0.0000114, as of the latest update.
This bullish momentum led to a 24-hour trading volume of $17,902,498, marking a significant increase of 371.80% compared to the previous day.
BARA’s recent performance stands out in contrast to the wider market trends. While the global crypto market rose by 9.30% in the same period, BARA has not performed as strongly.
Nevertheless, within the Cronos Ecosystem, BARA has outperformed similar coins which collectively experienced a 0.60% decline.
Surge Reaches Peak before Retracement
BARA hit an all-time high of $0.00002041 before retracing to the 0.5 Fibonacci retracement level at $0.000011921814. This retracement suggests a pullback following the rapid ascent.
Current resistance levels are identified at $0.000014231383 (0.618 Fibonacci) and $0.000017515985 (0.786 Fibonacci), with support established at $0.000006754640 (0.236 Fibonacci).
A significant downward movement is indicated by a large red candle on the hourly chart, signifying selling pressure post the recent peak. A breach below the 0.5 Fibonacci level may lead to a test of the 0.236 level. Conversely, a break above 0.618 could signal a resurgence in bullish sentiment.
Analysis of Technical Indicators Shows Varied Momentum
During the recent price action, the Bollinger Bands indicated an increase in volatility as the price surged to $0.00001864999 before stabilizing close to $0.00001155000 near the middle band.
The upper band, now acting as resistance at $0.000012581307, while the lower band at $0.000006512615 provides potential support.
BARA’s price consolidation near the 20-period Moving Average (MA) hints at uncertainty regarding the next directional move. Traders are closely monitoring these levels for indications of a breakout or breakdown.
The Relative Strength Index (RSI) is currently at 50.66, moving away from the earlier overbought conditions above 70 witnessed during the rally. This neutral stance implies that the coin is currently not oversold or overbought. A move above 60 on the RSI could point towards renewed bullish momentum.
On the other hand, the MACD indicator shows a bearish crossover, with the MACD line at 0.00000639789 crossing under the signal line at 0.000006384189.
Despite signs of weakening momentum, the histogram remains close to zero, indicating that a trend reversal could swiftly occur with increased buying volume.
The surge in BARA’s price and the accompanying trading volume underline the growing interest in this cryptocurrency.