- HBAR is showing strong upward momentum, gaining 3.3% in the past 24 hours and approaching key resistance at $0.177.
- Technical indicators like RSI and MACD support a bullish continuation, backed by rising volume.
- A breakout from a falling wedge pattern on the weekly chart signals a potential trend reversal.
- Post-breakout targets are $0.356, $0.495, and $0.592, with short-term focus on breaking $0.177 to reach $0.200.
Hedera Hashgraph (HBAR) is showing strong upward momentum as it moves in sync with the broader cryptocurrency market. Currently trading at $0.1694, the token has registered a 3.3% gain in the past 24 hours, indicating renewed investor confidence. This recent surge positions HBAR just below a crucial resistance level at $0.177, a price zone that could act as a launchpad for further gains if broken decisively.
Technical indicators are aligning in favor of a bullish continuation. The Relative Strength Index (RSI) is nearing 70, suggesting firm bullish momentum without signaling overbought conditions yet. At the same time, the MACD has confirmed a bullish crossover, while volume has increased during the breakout, both reliable signs of sustained buying pressure.
HBAR Signals Trend Reversal with Bullish Breakout
Adding weight to the bullish narrative, a recent X post by Rose Premium Signal presents a technical analysis of HBAR on the weekly chart. According to the post, HBAR is rebounding from a strong demand zone and has formed a falling wedge pattern, a classic bullish formation.
The falling wedge indicates diminishing selling pressure and tightening price movement, often preceding a breakout. The chart shows HBAR breaking out of the wedge’s upper trendline, a move that reinforces the bullish case.
The post outlines three ambitious yet technically sound target levels following the breakout: $0.356, $0.495, and $0.592. These targets correspond with historical resistance zones, particularly around the $0.33 and $0.39 marks, and reflect levels where price action has previously struggled to break through.
As the market continues to recover, HBAR’s setup appears increasingly favorable. A successful breakout above $0.177 could open the door to testing $0.197 and the psychological $0.200 level, signaling a confirmed trend reversal. If this momentum continues, Hedera could be poised for a significant run in the coming weeks, making it one of the altcoins to watch closely.
Read More: Ethereum Gains Strength with Whale Buys, Bullish Signals Point to $2K
