Hedera’s native token, HBAR, has had a bullish price breakout lately. Analyst WSB Trader Rockos shared his outlook on HBAR’s trajectory, setting a long-term target of $0.40. 

The analysis highlights key support and resistance levels alongside a detailed price movement overview. This suggests strong potential for upward growth in the coming bull market.

HBAR Price Breakout Confirms Bullish Momentum

HBAR’s recent price movements indicate a clear shift in market sentiment. The token broke past the $0.10 resistance, a zone previously labeled as “bullish above” by traders. This breakout was accompanied by increased trading volume, reinforcing its strength. 

I said $HBAR was going to $0.1 then $0.15Now im saying it's going to $0.4Make 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

Currently trading at $0.1217, HBAR is down 3.12% in the past 24 hours, which some analysts interpret as a routine pullback within an ongoing bullish trend.

The token’s prolonged consolidation between $0.05 and $0.10 over the past year formed a solid base, often a precursor to significant price rallies. This base structure now serves as a support zone, aligning with Fibonacci retracement levels, which suggest that $0.10 and $0.09 are critical areas to watch for potential rebounds.

Fibonacci Levels and Key Zones to Watch

Fibonacci retracement analysis sheds light on HBAR’s potential price journey. The token has surpassed the 0.618 level ($0.09) and is currently targeting the 0.382 level at $0.14. This zone aligns with historical price clusters and is likely the next area of resistance. 

Beyond this, the $0.18–$0.20 range represents a psychological barrier where prior price rejections occurred.

The long-term target of $0.40 aligns with mid-2021 highs, suggesting a plausible rally if bullish momentum sustains. Key support levels at $0.10 and $0.07 provide a safety net for traders monitoring potential dips.

Read also: This Meme Coin Trader Updates His Shiba Inu (SHIB) Price Prediction

Long-Term Market Outlook

The chart reveals a rounded bottom formation, a classic reversal pattern indicating a transition from bearish to bullish structure. 

If HBAR maintains its current trajectory and breaches resistance at $0.14, it could pave the way for further gains, supported by volume spikes and higher highs.

WSB Trader Rocko’s tweet emphasizes optimism, urging traders to “buy the dip” as HBAR positions itself as a strong contender for the bull market.

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