HBAR Price Analysis: Bullish Rally Targets $0.20?
The post HBAR Price Analysis: Bullish Rally Targets $0.20? appeared first on Coinpedia Fintech News
With a market cap of $4.208 billion, the HBAR token has skyrocketed in less than 7 days. Over the last 7 days, it has increased by nearly 100% and is now trading at $0.1117.
In the last 24 hours, the jump of 31% has crossed the $0.10 psychological mark, increasing the chances of a new 52-week high. So, let’s take a closer look at the HBAR price trend and find out the upcoming price targets for this rising altcoin.
Hedera Breakout Run Gains Momentum
In the daily chart, the HBAR price action concludes the lower high trend formation with three consecutive bullish weeks. The uptrend has surpassed the long-coming resistance trend line.
The bull run accounts for a nearly 160% surge in three weeks, crossing above and now challenging the 50% Fibonacci level at $0.1277. This Fibonacci level coincides with the 200-day simple moving average line.
As the triple white soldier pattern forms, the triangle breakout rally is expected to gain further momentum. Currently, last week’s candle has had a successful closing above the resistance trend line.
Followed by the 24% intraday gain, the bull run is expected to cross above the 50% level. Furthermore, it reflects a rounding bottom reversal with the neckline coinciding with $0.1277.
Will HBAR Price Hit $0.10?
Based on the Fibonacci level, the bullish trending HBAR token is likely to give this rounding bottom breakout rally. With the 50% neckline breakout, the bull run is likely to surpass the $0.20 mark and hit the 78.60% Fibonacci level at $0.2609.
In this process, the uptrend is likely to cross above the 52-week high formed at $0.1821. Supporting the bullish trend, the MACD and signal lines have given a positive crossover, reflecting a shift in momentum.
FAQs
The breakout from a long-term resistance trendline, triple white soldier pattern, and increased buying pressure have fueled HBAR’s rally.
If HBAR breaks above $0.1277, the next targets are $0.20 and $0.2609, corresponding to the 61.8% and 78.6% Fibonacci levels.
Minor pullbacks to retest breakout levels like $0.1277 may occur, but the overall trend remains bullish with strong momentum indicators.
