HBAR Price Analysis: Bullish Rally Targets $0.20?
The market value of HBAR token reached US$4.208 billion, rising sharply in less than 7 days. It has gained nearly 100% over the past seven days and is currently trading at $0.1117.
It has gained 31% in the past 24 hours, breaking the psychological barrier of $0.10 and increasing the chances of a new 52-week high. So, let’s take a closer look at the HBAR price trend and find out the upcoming price targets for this rising altcoin.
Ivy Breakout Runs With Strong Momentum
On the daily chart, HBAR price action ended a three-week bullish trend formation of lower highs. The uptrend has broken above the long-term resistance trend line.
The bull surge surged nearly 160% in three weeks, breaking through and challenging the 50% Fibonacci level of $0.1277. This Fibonacci level coincides with the 200-day simple moving average.
The triangle breakout rally is expected to gain further momentum as a triple white soldier pattern forms. Currently, last week’s candle has managed to close above the resistance trend line.
Subsequent intraday gains reached 24%, and the bull market is expected to break through the 50% level. Furthermore, it reflects a round bottom reversal with the neckline coinciding with $0.1277.
Will HBAR price reach $0.10?
Based on Fibonacci levels, the bullish trending HBAR token may lead to this round bottom breakout rally. With the 50% neckline breached, the bull market may break through the $0.20 mark and touch the 78.60% Fibonacci level at $0.2609.
In the process, the uptrend could break above the 52-week high formed at $0.1821. A positive crossover between the MACD and signal lines reflects a shift in momentum and supports the bullish trend.
FAQ
A breakout of the long-term resistance trendline, a triple white soldier pattern, and increasing buying pressure fueled HBAR’s rebound.
If HBAR breaks $0.1277, the next targets are $0.20 and $0.2609, which correspond to the 61.8% and 78.6% Fibonacci levels respectively.
A minor pullback is possible to retest breakout levels such as $0.1277, but the overall trend remains bullish and momentum indicators are strong.
