Why Hedera (HBAR) Price Jump May Continue Despite 45% Rally

Hedera (HBAR) price has made a decisive breakout from a long-standing downtrend in the cryptocurrency market.

This intact, huge market move has changed a drop that lasted more than 1000 days, pumping more than 45% in 24 hours.

In a recent analysis, HBAR’s breakout from a descending triangle pattern has transformed from a bearish signal into a bullish surge.

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A prominent cryptocurrency analyst tweeted to highlight this shift, predicting that the Ethereum-based HBAR can rise by up to 10% with a new target of $0.27.

Hence, this breakout isn’t just a market cap technical triumph but a temporary reversal of the long-term bearish sentiment associated with the HBAR market value.

Market Dynamics and Investor Sentiment

It has been spectacularly well received by the immediate market response to HBAR’s breakout. HBAR saw a 45.35% rise in price in a day and a nearly 94% increase in trading volume.

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This appears to play into the rush of investors and trading activity. The market reaction to HBAR has been at this stage of volume and price.

It is a robust market reaction where the increased liquidity and new investor entries push HBAR’s market cap.

This resurgence is mirrored in the detailed trading charts where HBAR’s price trajectory has shifted dramatically.

The charts show a clear break from the downtrend with upward solid momentum, confirming the market’s bullish sentiment.

HBAR Price Showing Massive Surge

In the detailed trading charts, HBAR price trajectory has surprised, showing this resurgence.

The market is bullish, and the charts show a clear break from the downtrend with upward solid momentum and bullishness.

We can see a channel pattern on the chart that speaks volumes of strength in bullish momentum.

Price action has to form an ascending channel, simply two parallel lines with higher highs and daily higher lows. In technical analysis, this pattern is generally considered bullish.

Two parallel trend lines define the channel. Support is given by the lower line, and the price usually bounces upwards after it touches it.

Resistance is primarily provided by the upper line, and the price will usually return after reaching it. The buying interest extends for multiple days, which points to the channel being in formation.

The price is near the middle of the channel and pulled back from the upper resistance line recently.

However, the Awesome Oscillator (AO) indicator moves with red histograms as they wane, indicating market momentum and potential reversal points. We see that.

The AO is above zero, which enables the bullish momentum, but the decrease in green bars shows some slowing growth in the upward momentum or possible consolidation.

The whites and reds are mixed candles, and we can see some small red candles after a big green candle, which means a short-term pullback or consolidation of a bullish trend.

Price Targeting Estimation and Analysis

We can anticipate upward movements if the price continues respecting the channel pattern.

However, the cost could again be on its way toward the channel’s upper boundary, giving us a potential short-term trading opportunity.

Should the price break above the channel, that would indicate even stronger bullish momentum and possibly see new highs.

Finally, a breakdown below the channel could be a reversal or another deeper correction for HBAR price.