The crypto analyst WorldOfCharts1 has identified a technical setup for Hedera (HBAR), suggesting an imminent breakout that could send the price soaring by up to 50%.

Analyzing the HBAR/USDT 4-hour chart from Binance, the expert highlights a textbook bullish pennant formation that’s approaching its completion point.

The current chart structure shows HBAR consolidating within a pennant pattern after a strong upward movement. The flagpole component of this formation measures approximately $0.16 in height, representing a 54.45% move.

With the price currently compressed between converging trendlines, the setup indicates a critical juncture at the $0.29-$0.30 resistance level.

Target Zones and Confirmation Signals

Based on World of Charts technical projections, a successful breakout above the upper trendline could propel HBAR toward the $0.45-$0.50 range.

This target zone is calculated by adding the flagpole height to the breakout point, suggesting a potential 50% surge from current levels. The analyst emphasizes the importance of volume confirmation during the breakout phase to validate the movement.

Read Also: Monero (XMR) Price Breaks Key Resistance: What Next?

While the setup appears promising, traders should note the possibility of a failed breakout scenario. A rejection at the upper trendline could trigger a retracement toward the $0.26 support level.

The current price action suggests maintaining a close watch on the $0.29-$0.30 resistance zone, as its breach could catalyze the projected upward movement.

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