- HBAR is holding above the crucial $0.201 support after breaking out of a Falling Wedge pattern.
- The token has gained 28% over the past month, showing strong recovery momentum.
- Technical indicators like the inverted head and shoulders and EMA crossover suggest further upside.
- If support holds, HBAR could target $0.28 in the short term and $0.40–$0.45 in the mid-term.
Hedera (HBAR) appears to be on the brink of a significant upward move, with technical indicators and broader market conditions aligning in its favor. Despite experiencing a brief pullback, HBAR remains resilient, holding firm above a crucial support level, hinting at a potential rally that could propel the token toward new multi-month highs.
At the time of writing, HBAR is trading at $0.2005, reflecting a 3% increase over the past 24 hours. Although the weekly chart shows a modest decline of 0.89%, the broader picture reveals a different story: HBAR has surged nearly 28% over the past month.
This recovery aligns with the current bullish sentiment sweeping across the crypto market, which has helped several altcoins bounce back after weeks of correction and consolidation.
Bullish Breakout Confirmed, HBAR Eyes $0.45
On the technical front, HBAR has officially broken out of a Falling Wedge pattern, a classic bullish reversal signal. The breakout occurred on May 10, as the token successfully breached the previous resistance level of $0.201, which was initially set on March 11. That level has since flipped into a key support zone, strengthening the bullish setup.
Adding to the bullish momentum is the formation of an Inverted Head and Shoulders pattern, a reliable indicator of trend reversals. Moreover, a positive Exponential Moving Average (EMA) crossover has occurred, with the 20-day EMA climbing above both the 50-day and 200-day EMAs. This crossover typically signals strong upward momentum and growing investor confidence.
The price structure since May 9 has consistently printed higher highs and higher lows, confirming the emergence of an uptrend.
If the current support at $0.201 continues to hold, HBAR could target $0.28 in the short term. Looking further ahead, bullish momentum may drive the token toward the $0.40 to $0.45 range in the mid-term, levels not seen in months.
With the overall market entering a recovery phase and altcoins showing renewed strength, HBAR appears well-positioned to capitalize on the momentum. Traders and investors will be closely watching whether the support holds and the bullish pattern plays out, potentially setting the stage for a powerful breakout rally.
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