Hedera Hashgraph (HBAR) has broken out of a long-term descending triangle pattern, marking a decisive bullish move on its weekly chart. The cryptocurrency surged by over 89% in just a week, moving from the $0.065 low to a local high of $0.12, with RSI soaring to 70, signaling strong bullish momentum.
The breakout comes after weeks of consolidation near a critical support zone between $0.028 and $0.045, a region tested multiple times since 2020. This bullish move indicates renewed interest in the HBAR token, with the next target set at $0.18, a key resistance level identified as the 2024 high. Historical data shows a similar pattern in 2020 when the altcoin rallied over 2000% following a period of accumulation in this same support zone.
Reminiscent of historical data, the breakout trajectory hints at a possible repeat of this performance as the price targets higher levels. Traders are closely monitoring the $0.15-$0.18 range, with volume and momentum suggesting further upside potential. However, caution remains, as overbought RSI levels could prompt short-term corrections. All eyes are now on HBAR’s ability to maintain its breakout and target new highs in 2024.
Market Experts Predict HBAR to Outperform in Bull Market
Prominent market watchers have weighed in, reinforcing the bullish momentum around HBAR. One such analyst is Traderroco, who recently forecast that the cryptocurrency would reach $0.10 and then $0.15—a projection that has already materialized amid the current rally. Looking ahead, Traderrocko predicts the token could soar to $0.40 in this cycle. Encouraging investors to “buy the dip,” he asserts that the altcoin is poised to be one of the top-performing assets in this bull market.
I said $HBAR was going to $0.1 then $0.15
Now im saying it’s going to $0.4
Make sure to buy the dip, think #Hedera will be one of the strongest performers this bull market 🚀🚀 pic.twitter.com/CLS8MR6HMn
— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) November 20, 2024
Similarly, analyst Shawn highlights the cryptocurrency’s potential for vast growth, suggesting that its market cap could 20x to rival Solana’s, implying a price target of $3 per token. Drawing parallels to Bitcoin’s early days, Shawn underscored HBAR’s undervalued status and immense growth potential. Supporting the growing enthusiasm, the altcoin’s open interest (OI)-weighted funding rate reflects positive momentum.
At press time, funding rates for HBAR remain positive at 0.011%, highlighting sustained demand from leveraged traders. This indicates that long-position holders are willing to pay a premium to short-position holders to maintain their positions, indicating strong bullish sentiment in the HBAR market. Such positive funding rates often reflect market participants’ confidence in the asset’s continued upward trajectory.
Despite these optimistic indicators, HBAR’s price is experiencing a modest pullback from its recent highs. Over the past 24 hours, the token has declined by 2.49%, stabilizing near the $0.1262 mark. With a market capitalization of $4.82 billion and a robust 24-hour trading volume of $858.31 million, the altcoin remains an actively traded cryptocurrency. Whether HBAR can recover and continue its rally toward the $0.18 target remains to be seen in the coming days.
Also Read: XRP Price Surge Incoming? Analyst Predicts Rally to $8-$30 Amid Gensler’s Exit
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