Hedera (HBAR) is currently tradig at $0.08845, posting a modest 1.48% gain over the past 24 hours as McLaren Racing officially joined the governing council of Hedera. The development comes at a time when market participants are closely watching for signs of a breakout in the asset’s price structure.
According to data from CoinMarketCap, HBAR’s 24-hour trading volume declined by 18% to $87.95 million, reflecting reduced short-term activity.
Over the past seven days, the token has fallen 6.69%, suggesting broader bearish pressure despite recent stabilization. Analysts note that declining volume alongside price consolidation often signals a buildup phase before a significant move.
Rising Support Signals Accumulation
Crypto analyst ChartNerd stated in a recent post on X that HBAR’s long-term target of $1.80 remains intact, despite recent price weakness. The analysis identifies a converging triangle pattern, defined by rising support and descending resistance, indicating ongoing volatility compression.
Within this structure, higher lows suggest gradual accumulation, while lower highs highlight persistent selling pressure. Such formations are typically associated with breakout scenarios as price approaches the apex.
The chart also reflects an Elliott Wave-style progression, with the latest movement appearing to complete a corrective phase near support. Momentum indicators further support this outlook, as previous oversold conditions have historically aligned with upward reversals.
However, the analyst emphasized that confirmation remains critical. A decisive breakout above resistance with sustained volume would validate the bullish scenario, while a breakdown below support could extend losses. The projected $1.80 level remains speculative and dependent on broader market conditions.
Also Read | HBAR Price Near $0.09 as Bulls Eye $0.155 Breakout Zone
McLaren Racing Joins Hedera Governing Council
In a parallel development, McLaren Racing has joined Hedera’s governing council, marking a strategic expansion of the network’s enterprise ecosystem. The team, known for competing in Formula 1 and IndyCar, brings a global fan base spanning more than 180 countries.
As part of the collaboration, McLaren Racing will participate in Hedera’s governance and contribute to initiatives focused on digital engagement. The partnership includes the rollout of blockchain-based collectibles tied to major racing events, designed to onboard new users into Web3 environments.
Initial releases have already been launched around key race weekends, with additional activations planned throughout the 2026 season. By leveraging Hedera’s network, the initiative aims to enhance fan interaction through secure, scalable digital experiences while bridging traditional sports audiences with blockchain technology.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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