The price of Hedera recently broke out. This breakout signals a potential bullish wave. Top analyst World of Charts noted on X that the breakout has already occurred and suggested that a “quickly bullish wave” may follow. This aligns with recent technical analysis suggesting further price appreciation for HBAR in the near term.
HBAR Chart Analysis: Symmetrical Triangle Pattern and Breakout
A symmetrical triangle pattern characterized the price movement of HBAR before the breakout. This pattern, formed by converging trendlines, indicated a period of consolidation in the market. The upper resistance line connected descending lower highs, while the lower support line connected ascending higher lows.
The breakout occurred when Hedera’s price moved above the resistance line, confirmed by a bullish candle. Such breakouts often lead to a strong directional move, supported by the projection of the triangle’s height.
In this case, the analysis points to an estimated upward movement of approximately 37%, aligning with the breakout target.
Image Source: X/WorldofCharts Hedera Key Support and Resistance Levels
The breakout introduced a potential shift in key levels for HBAR. The former resistance zone may now act as support, providing a foundation for further price increases. Traders often look for retests of breakout levels to validate the strength of the move.
The ascending trendline has played a crucial role in maintaining dynamic support for the price, while horizontal levels near previous highs could act as resistance zones. These levels are often used by market participants to assess entry or exit points.
Read Also: This Indicator Predicted a 470% XRP Price Rally Before – And It Just Turned Bullish Again!
Positive Market Sentiment and Momentum For HBAR
The tweet from World of Charts suggests optimism for HBAR, with expectations of a sustained bullish wave. Market sentiment typically shifts positively following a breakout, especially if it is confirmed by an increase in trading volume. While volume data is not visible in the provided chart, strong momentum could attract further interest in the cryptocurrency.
As HBAR’s price navigates this breakout, traders may implement risk management strategies, such as setting stop-loss levels near the breakout or lower trendline. Breakouts in volatile markets can sometimes reverse, underscoring the need for careful observation of price movements and confirmation signals.
HBAR’s price breakout and subsequent developments continue to be monitored as the cryptocurrency seeks to capitalize on its bullish potential.
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The post Hedera Price Breakout Signals Potential for Further Gains – Could HBAR See a 37% Upside? appeared first on CaptainAltcoin.
