- HBAR forms a bullish pennant with $0.31 as key resistance for potential breakout.
- Rising open interest and steady development activity strengthen HBAR’s bullish momentum.
Hedera [HBAR] continues to captivate market attention as its price action suggests a strong bullish breakout is on the horizon.
Trading at $0.2715, up 4.98% at press time, the coin’s technical patterns indicate that early 2025 could be pivotal for its price trajectory. Therefore, traders are increasingly analyzing whether HBAR can sustain its momentum.
HBAR chart analysis – setting the stage for a breakout
HBAR’s daily chart reveals a textbook bullish pennant pattern, a consolidation phase following its recent rally. The narrowing price action reflects growing market indecision.
However, this often precedes a significant price movement. Breaking through the $0.31 resistance level could unlock further upside potential, with $0.35 and $0.40 as immediate targets.
Additionally, the well-defined pattern adds credibility to a potential bullish breakout scenario.
Source: TradingView
Fibonacci retracement levels highlight key price zones for HBAR. The $0.236 retracement near $0.31 serves as a critical resistance, while the $0.382 level near $0.28 provides short-term support. Meanwhile, the
Relative Strength Index (RSI) stands at 58.69, indicating moderate bullish momentum. Therefore, there is ample room for growth without the risk of overbought conditions, which strengthens the bullish case.
Analyzing market sentiment: Liquidations and open interest
HBAR liquidation data reveals $104.57K in shorts compared to $95.16K in longs, showcasing slightly higher bearish sentiment. However, open interest has risen by 5.66% to $221.01 million, reflecting growing trader confidence and increased market activity.
Consequently, these metrics suggest that a decisive move is imminent, whether it be to the upside or downside.
Source: Coinglass
Development activity on Hedera’s network remains steady at 107, with increasing GitHub contributions this month.
Additionally, the focus on enhancing the ecosystem reflects long-term project stability, a factor that often attracts investor confidence. Therefore, HBAR’s fundamentals continue to align with its bullish technical indicators.
Source: Santiment
Is your portfolio green? Check out the HBAR Profit Calculator
HBAR is poised for a breakout, with its bullish pennant pattern and strong technical indicators supporting a rally. A move above $0.31 will likely confirm the bullish sentiment and open the door to higher price levels.
Therefore, it seems HBAR’s next upward trajectory is not just a possibility but a strong probability.
