HBAR’s bullish pennant hints at a 50-60% price increase if the breakout is confirmed.
Critical levels at $0.305 (resistance) and $0.200 (support) will shape the next moves.
Broader market sentiment and adoption of Hedera’s technology could fuel further gains.
According to the latest technical analysis of Hedera Hashgraph (HBAR) on the 8-hour timeframe, there is a bullish pennant chart pattern formed .Since trading and analysis focus on breakout, projections of the given asset predict upward movement of between 50-60%.
Bullish Pennant and Key Levels to Watch
As for HBAR, the pennant formation has appeared after the sharp increase in the price. The trend lines are converging and price stays in this contracted volatility channel. HBAR continues to trade within the pennant, market participants are paying attention to two critical levels: the price action at the upper Bollinger Band which is $0.305 and the price action at the lower Bollinger Band which is $0.200. If the price rises through the resistance level, then this will confirm this bullish continuation view, while a drop below the support level will negate this bullish view.
https://twitter.com/ZAYKCharts/status/1875045144396996723
The breakout target for this formation is normally arrived at by adding the height of the flagpole to the breakout point. For HBAR, this means a further uptrend of approximately 50-60% which brings the price to new local high.
Factors Supporting the Bullish Outlook
Several factors could fuel the anticipated upward momentum. These include broader market conditions, increased adoption of Hedera’s technology, and improving sentiment within the cryptocurrency market.
Source: Trading View
The 24-hour chart for HBAR suggests an exciting period ahead with the varied movements. The Bollinger Bands indicate low volatility, with HBAR trading near its middle band at $0.28505. The resistance level is at $0.306, aligning with the upper Bollinger Band, while support is positioned at $0.2885. The RSI, currently at 57.55, reflects market indecision. A breakout above resistance or a drop below support could define the next direction for the market.
While the bullish pennant points to a promising scenario, traders are advised to exercise caution. Trends seem to break out with an added level of loose adjustment and, at times, fake breakouts may be noted.
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