Key Takeaways:
- HBAR rose 27.52% on the week, driven by a technical breakout chart.
- Bull Triangle is identified by Solberg Invest and targets a potential $0.4 goal.
- Trading volume surged 68.8%, indicating rising investor buying interest.
Hedera’s native token, the HBAR, has come up this week among the top performers, rising by 27.52% while greed in the market continues to accumulate, despite the cryptocurrency market registering mixed momentum.
The prices remained stable over the last 24 hours, signaling that the bullish momentum continues to sustain the current upward trend. Optimism among investors appears to continue accumulating since the token continues to occupy major zones of support and posts regular gains.
As of the latest update, HBAR is trading at $0.1976 with a 24-hour trading volume of $866.16 million, up 68.8% from the previous day. Its market capitalization stands at $8.37 billion, firmly ranking it among mid-cap cryptos, doing well within lateral market conditions.
HBAR Forms Bullish Triangle, Analyst Predicts Breakout
Crypto analyst Solberg Invest published a mid-term technical outlook on HBAR, and one notable thing was that an ascending triangle formation was being established, which is generally a bullish continuation signal.
The chart shows that HBAR initially entered a consolidation level near $0.15, and then there was a strong uptrend that was sustained by higher lows and rising volume.
Breakout was recorded when the cryptocurrency broke through the $0.19 level, rising to a local top higher than $0.21 before facing slight resistance close to $0.20.
The value, however, saw slight reversals but stayed above its earlier resistance, which is serving as a level of support currently. Technical momentum remains good, and traders watch the level of resistance close to $0.25 keenly to witness proof of an actual breakout.
Also Read: HBAR Approaches Make-or-Break Zone with $0.098 in Bearish Crosshairs
HBAR Eyes $0.4 Price Target in Mid-Term Outlook
Depending on the height of the triangle formation, Solberg Invest projects a mid-term price target on the token of $0.4. The setup registers rising demand while the price consolidates against horizontal resistance, and higher lows register ongoing buyer interest.
The fact that HBAR has already clocked a 164.83% one-year return seals the case for further space to the upside. For further momentum, there will need to be a breakout above resistance on strong volume.
The investors and traders will need to monitor the market conditions, technical analyses, and volume flow while HBAR attempts to validate its subsequent upward motion.
Also Read: Is HBAR Gearing Up for a Breakout? Key Indicators Turn Bullish
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
