HBAR, the native token of the Hedera Network, appears to be on the brink of a significant uptrend as it neared a breakout on the charts. The recent market activity has drawn the attention of numerous cryptocurrency enthusiasts, indicating a promising outlook for HBAR.
Recent price movements indicate a probable continuation of the upward trend for HBAR, suggesting a positive trajectory ahead.
Technical Assessment and Critical Levels for HBAR
An analysis by CryptoCrypto has signaled that HBAR is on the verge of breaking out from a symmetrical triangle pattern on the four-hour chart.
Although the altcoin is currently making efforts to breach this pattern, it is facing some resistance in the process.
Recent price behavior suggests that a successful breakout above $0.328 could propel HBAR by 20% to reach $0.40 in the short term.
Furthermore, if market sentiment remains favorable, the potential for a 20% increase to reach $0.46 seems quite feasible.
With HBAR’s Relative Strength Index (RSI) at 57, which is below the overbought threshold, there is substantial room for an uptrend in the days ahead.
Positive On-Chain Analysis
The optimistic technical outlook on a smaller time frame has piqued the interest of long-term HBAR holders as per insights from on-chain analytics firm Coinglass. Notably, data on HBAR’s spot inflow/outflow indicates significant outflows totaling $11 million from exchanges.
In contrast, on-chain data suggests that long-term holders have maintained a neutral stance despite Tuesday’s price dip, with signs of token accumulation evident.
Traders have also shown interest in HBAR, reflected in the long/short ratio of 1.005, indicating a strong bullish sentiment among them.
Combining these on-chain metrics with technical analysis indicates a dominant bullish trend, which could assist HBAR in overcoming any obstacles in its path.