Strong HBAR technicals and rising market sentiment, together, point to a potential breakout.
HBAR breakout from the descending channel indicates a potential trend reversal and golden cross.
The rising social dominance and open interest hint at market confidence, with a notable 234% surge in trading volume to $1.63 billion. The surge came after a major breakout from a descending channel and the formation of a golden cross – both bullish indicators.
HBAR is showing signs of strong bullish momentum, and it’s only a matter of time before it surges higher! The smart money is already preparing for the next big move, are you ready? Why HBAR could be your golden ticket: Current price: $0.27173 (a steal at this level!) 90-day growth: An astonishing +361.38%! 1-year growth: +210.22% – and this could be just the beginning! Chart Insights:
As HBAR approaches major resistance traders are asking – can it break through this level and lead to a subsequent rally?
Downtrend Break – Is HBAR Ready for More?
The HBAR chart revealed a clear breakout of a long-term descending channel, indicating a potential shift in market sentiment. After months of bearishness, this move suggested that HBAR could be reversing its downward trajectory.
The breakout is particularly important, especially since it coincides with the formation of a golden cross – a well-known bullish pattern. Therefore, a breakout here could confirm a trend reversal and pave the way for further gains.
HBAR chart analysis
Source: TradingView
Do technical indicators confirm the uptrend?
Technical indicators for HBAR highlighted additional confidence in the upside move. For example, the Relative Strength Index (RSI) was reading 72.47 at press time, indicating that HBAR was in overbought territory. While this indicates strong buying pressure, it also means that the market could face a slight pullback. However, as long as the RSI remains above 70, HBAR can maintain its upward momentum.
Additionally, the Moving Average Convergence Divergence (MACD) was positive, at 0.00327 – a sign of sustained bullish sentiment.
Simply put, technical indicators suggest that HBAR's momentum can continue as long as these conditions persist.
HBAR Technical Indicators
Source: TradingView
Social Dominance – Is HBAR Gaining Traction?
Social dominance increased sharply from 1% to 1.5%, reflecting the increased interest on social media platforms. This increase in mentions is a positive sign, as high social dominance often leads to higher trading volumes and price action.
The rise in community engagement suggests that Hedera is gaining traction among both retail investors and traders. This could fuel price action in the short term.
Source: Santiment
Market Sentiment – Open Interest Increase?
Market sentiment has also become increasingly positive for HBAR, with open interest rising 29.30% to $189.52 million.
This suggests that more traders are now positioning themselves for further price increases. A rise in open interest is usually a bullish sign – a sign of confidence in Hedera’s future price action. As a result, this increase indicated that traders are expecting HBAR to break through its critical resistance level.
The market shows that HBAR is consolidating at a key support level, setting up for a massive breakout. With bulls ready to attack, this is your chance to pack your bags before the rocket takes off. Why wait? Timing is everything in crypto. Don’t watch from the sidelines while others ride the wave. Be the one to reap the gains instead of chasing them! HBAR 0.28115 -0.29% HBAR’s next move could be epic. Are you ready for the ride?