HBAR, the utility token of the Hedera Network, is gaining momentum as it edges closer to a bullish breakout. Recent price action and technical analysis point to significant upside potential.
HBAR Technical Analysis: Key Levels to Watch
HBAR’s recent performance has caught the eye of crypto enthusiasts. On the four-hour chart, the token is nearing a breakout from a symmetrical triangle pattern.
If HBAR successfully breaks and closes a four-hour candle above $0.328, it could trigger a 20% rally, pushing the price to $0.40. Market sentiment remaining bullish may extend this rally to $0.46.
Supporting this optimism is the Relative Strength Index (RSI), currently at 57. With the RSI below the overbought zone, HBAR still has room for growth in the coming days.
Bullish On-Chain Metrics
The promising technical outlook is reinforced by strong on-chain metrics. Data from Coinglass reveals that $11 million worth of HBAR has flowed out of exchanges. This significant outflow signals reduced selling pressure and growing investor confidence.
Interestingly, long-term holders remain neutral despite a sharp price dip earlier in the week. However, accumulation patterns suggest they are positioning for potential gains.
Traders are also showing bullish sentiment, as evidenced by HBAR’s long/short ratio of 1.005. This metric underscores strong optimism in the market.
HBAR Outlook: Bulls in Control
Combining technical analysis with on-chain data, it’s clear that bullish sentiment is dominating HBAR’s market activity. If current trends hold, the token is well-positioned to overcome resistance and continue its upward trajectory.
