Hedera Hashgraph (HBAR) has been drawing significant attention from the market, with signs pointing towards a potential bullish breakout in the near future.
Currently trading at $0.2715, showing a 4.98% increase at the moment, the technical analysis suggests that early 2025 could be a critical period for the coin’s price direction. Traders are eagerly scrutinizing whether HBAR can maintain its current upward momentum.
Analysis of HBAR Charts – Indications of an Impending Breakout
Upon observing HBAR’s daily chart, a clear bullish pennant pattern emerges, indicating a period of consolidation after a recent surge in price. The narrowing price movement reflects a growing sense of uncertainty among traders.
Typically, such situations precede significant price shifts. If the coin manages to surpass the resistance level of $0.31, it could trigger further upward movement, setting $0.35 and $0.40 as immediate targets.
Moreover, the well-defined pattern lends credibility to the possibility of an upcoming bullish breakout.
Key price zones for HBAR are highlighted by Fibonacci retracement levels. The $0.236 retracement around $0.31 acts as a crucial resistance point, while the $0.382 level near $0.28 offers short-term support.
With the Relative Strength Index (RSI) currently at 58.69, indicating a moderate bullish trend, there appears to be room for growth without the risk of entering overbought territory, thereby reinforcing the bullish scenario.
Evaluating Market Sentiment: Liquidations and Open Interest
Analysis of HBAR liquidation data shows $104.57K in short positions compared to $95.16K in long positions, signaling a slightly higher bearish sentiment. Nevertheless, open interest has surged by 5.66% to $221.01 million, indicating increased trader confidence and market participation.
These metrics collectively hint at an impending decisive price movement, whether to the upside or downside.
Development activity within the Hedera network remains steady at 107, supplemented by a rise in GitHub contributions for the month.
The team’s focus on ecosystem enhancement underscores long-term project stability, an aspect that tends to instill confidence among investors. As a result, the fundamental aspects of HBAR align with the positive technical indicators, reinforcing the bullish outlook.
With a bullish pennant pattern and strong technical signals in place, HBAR seems poised for a breakout. A breakthrough above $0.31 is likely to confirm the bullish sentiment, potentially paving the way for higher price levels.
Therefore, it appears increasingly probable that the next move for HBAR is an upward trajectory.