The crypto market is green today and Hedera (HBAR) shows bullish signals that point to a potential price surge.
A bullish pennant formation on HBAR’s 8-hour chart and a confirmed breakout on its monthly chart, suggest that the token could see an upward move. Insights from analysts, including tweets from ZAYK Charts and MarketMaestro, offer compelling technical details.
What you'll learn 👉
HBAR Bullish Pennant Formation and Key Resistance Levels
ZAYK Charts shared an analysis on X highlighting a bullish pennant pattern on HBAR’s 8-hour chart. This formation, characterized by an upward trend preceding a consolidation phase, reflects market optimism.
The price consolidates within a narrowing range defined by a descending resistance line and an ascending support line, indicating a possible breakout.
Current price levels show HBAR trading at approximately $0.30245, with a 3.51% intraday gain. ZAYK predicts a breakout above $0.31 could push HBAR to $0.48, marking a 59.82% surge. Immediate resistance lies near $0.31, while support is observed around $0.29.
Monthly Chart Breakout Signals Market Shift
MarketMaestro’s analysis on X provides additional confirmation of HBAR’s bullish outlook.
According to the tweet, the token has completed a breakout above a long-term downtrend, marking the end of bearish sentiment and signaling a structural shift. This breakout is supported by the second monthly candle closing above the first, showcasing sustained market interest.
Currently consolidating around $0.31, HBAR’s ability to surpass this level is seen as pivotal for triggering a strong rally. Indicators such as the RSI at 67 and rising whale activity reinforce the bullish narrative.
Read also: Cardano (ADA) Price Could Hit $12, Expert Predicts – Here’s Why
Indicators and Projections Support Optimism
Technical indicators align with the bullish sentiment. The RSI suggests strong momentum, though nearing the overbought zone.
High trading volume, represented by dominant red bars on the IBA-Money Triflux, points to active participation from larger market players. The target of $0.48 aligns with the height of the pennant’s flagpole, further supporting the bullish perception.
As Hedera’s price hovers near $0.31, traders anticipate a breakout to confirm the bullish trend. If the predicted rally materializes, HBAR could experience a substantial price surge
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
