- Hedera (HBAR) has risen nearly 8% in the past week but is down 4% over the last month.
- The coin is forming a bullish falling wedge pattern, potentially leading to a 144% price surge.
- Recent support break at $0.08 raises concerns of further declines, with critical support currently at $0.05.
Hedera (HBAR) is positioning itself for a potential breakout, hinting at significant upward momentum in the near future. Over the past week, the cryptocurrency has seen a nearly 8% increase, signaling a possible shift towards a bullish trend. However, this recent uptick contrasts with its broader performance over the last month, during which HBAR is still down by approximately 4%.
At the time of this report, Hedera is trading at $0.051877, with a daily trading volume of $42.90 million. The market cap currently stands at $1.85 billion, giving it a market dominance of 0.09%. Despite the mixed performance, the coin has shown signs of resilience, rising by 0.99% in the last 24 hours alone.
HBAR Eyes Breakout
Hedera (HBAR) has recently shown signs of a technical pattern that could trigger significant price action. On the 3-day chart, HBAR forms a falling wedge pattern, often viewed as a bullish indicator. This pattern typically signals a potential reversal from a downward trend, leading traders to anticipate the possibility of an upside breakout.
If confirmed, the breakout could spark a massive rally, with some analysts forecasting a price surge of up to 144%. Such a move could push HBAR to new heights, making this a highly anticipated event for investors. Historically, similar patterns have resulted in explosive gains, adding to the excitement around this potential setup.
However, it’s not a positive signal for HBAR. Recently, the currency displayed a bearish signal after breaking through support at $0.08, completing a head and shoulders formation. This breakdown suggests further downward movement could be on the horizon, with a potential drop to $0.04 or lower. The breakthrough in the support level has added pressure to the currency, making its next moves critical.
Currently, HBAR is testing the support at $0.05, a crucial level. A positive reaction at this point could shift momentum and confirm the bullish outlook. On the other hand, a failure to hold this level could signal further declines, reinforcing the bearish trend. The coming days will be pivotal for HBAR as traders closely monitor the price action for any decisive movement.
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