HBAR Shows Bullish Potential After Consolidation
HBAR, the native token of Hedera Hashgraph, is showing signs of potential bullish momentum after consolidating around the $0.19-$0.21 range. A confirmed move above the descending trendline could signal a rally towards higher levels.
Over the last 24 hours, HBAR has been fluctuating between $0.205 and $0.225, with a slight daily decline of about 1.24%. However, analysts agree that a push through the descending trendline could accelerate momentum towards $0.30 and beyond. The $0.18-$0.20 area remains a critical demand zone, serving as the foundation for bullish setups. If broader market sentiment improves and volume expands, the projected targets for bullish continuation extend towards $0.40 in the medium term.
Analyst Nehal from CryptoTradingPro notes an inverse head and shoulders pattern in HBAR's trend, suggesting a potential rally if resistance breaks. If the breakout scenario plays out, HBAR could see an upside of over 50%, with the next major target around $0.30.
Maintaining support above $0.205 is crucial to avoid deeper downside pressure for HBAR. Confirmation above $0.225 would signal renewed strength for HBAR, with the $0.30 barrier acting as the next milestone for buyers. Traders should keep a close eye on HBAR's price action as it approaches these key levels.
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