Hedera (HBAR) Price on the Verge of 50% Spike, One Key Resistance Left

December 17, 2024

Can HBAR Skyrocket to $5 by 2025? Hedera Price Prediction

The crypto analyst WorldOfCharts1 has identified a technical setup for Hedera (HBAR), suggesting an imminent breakout that could send the price soaring by up to 50%.

Analyzing the HBAR/USDT 4-hour chart from Binance, the expert highlights a textbook bullish pennant formation that’s approaching its completion point.

The current chart structure shows HBAR consolidating within a pennant pattern after a strong upward movement. The flagpole component of this formation measures approximately $0.16 in height, representing a 54.45% move.

With the price currently compressed between converging trendlines, the setup indicates a critical juncture at the $0.29-$0.30 resistance level.

Target Zones and Confirmation Signals

Based on World of Charts technical projections, a successful breakout above the upper trendline could propel HBAR toward the $0.45-$0.50 range.

This target zone is calculated by adding the flagpole height to the breakout point, suggesting a potential 50% surge from current levels. The analyst emphasizes the importance of volume confirmation during the breakout phase to validate the movement.

While the setup appears promising, traders should note the possibility of a failed breakout scenario. A rejection at the upper trendline could trigger a retracement toward the $0.26 support level.

The current price action suggests maintaining a close watch on the $0.29-$0.30 resistance zone, as its breach could catalyze the projected upward movement.

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