Hedera Price Targets $0.50 As Bullish Momentum Builds

Hedera (HBAR) recently demonstrated a strong bullish trend, with a breakout from a consolidation zone signaling potential continued upward momentum.

Analyst Steph_iscrypto’s insights highlight a target range of $0.40 to $0.50 for the next 1-3 weeks, supported by a steady rise in price and a favorable market sentiment.

Additionally, the Relative Strength Index (RSI) at 64.45 indicates that HBAR is not yet overbought, leaving room for further gains. However, a key resistance level at $0.25 could pose challenges before the price reaches its target range.

The technical chart shared by WSB Trader Rocko also highlights a bullish formation within a falling wedge pattern, suggesting a trend reversal. If it breaks above the $0.2265 mark, the token could experience a significant rally, pushing toward higher resistance levels.

Bullish Trend and Breakout Formation

Recent technical analysis of Hedera shows that the token has successfully broken out of a consolidation zone, positioning itself for a potential price increase. The price action over the past few days reveals that it has moved beyond key resistance levels, signaling a continuation of the bullish trend. This breakout is supported by an increasing trading volume, suggesting that the upward movement has market backing.

The breakout pattern is clearly visible, with the asset surging from lower levels and approaching the next resistance zone near $0.25. If the token successfully surpasses this resistance, it could move closer to the target range of $0.40 to $0.50.

HBARUSD Chart | Source:x

RSI Signals Room for Further Growth

The Relative Strength Index (RSI) is currently at 64.45, indicating that the token has not yet reached overbought conditions. This suggests that there is still room for price growth before the token enters overbought territory. The RSI’s position implies that the upward trend could continue, but traders should monitor it closely as it approaches higher levels.

RSI is a widely used technical indicator that helps traders assess whether an asset is overbought or oversold. With the RSI still showing room for growth, it aligns with the broader technical analysis that points to further potential for price appreciation. As the price continues its ascent, traders should watch for any potential resistance at the $0.25 level, which could slow the momentum temporarily.

Falling Wedge Pattern Signals Potential Breakout

In addition to the bullish price action, a technical chart posted by analyst WSB Trader Rocko shows that the altcoin is currently following a falling wedge pattern. This pattern typically indicates a trend reversal, where the price narrows within a converging range before potentially breaking to the upside. The falling wedge has formed with the lower trendline acting as support and the upper trendline as resistance.

HBARUSDT Chart | Source:x

According to the chart, Hedera is approaching a key breakout point above the $0.2265 mark. If the price successfully breaks through this level, it could trigger a strong rally toward higher resistance levels. However, the chart also highlights that any rejection from the resistance could result in a retest of lower price levels.

Volume Surge Supports Upward Movement

The volume accompanying the recent price movement has been a key factor in confirming the ongoing bullish trend. The 24-hour trading volume surged to $188.06 million, which aligns with the price increase observed during this period. High trading volume often signals strong market participation, indicating that buyers are actively entering the market and supporting the price rise.

HBARUSD Chart | Source: BraveNewCoin

As the price approached the $0.219 mark, a slight dip in volume was noticed, suggesting that the momentum might slow down temporarily. This is a common market behavior as traders take profits or prepare for the next move. While this volume shift could indicate a short-term consolidation phase, the overall volume trend remains supportive of the ongoing bullish sentiment.