Hedera token has found support near the $0.29 level, with technical indicators pointing to growing upward momentum. A chart analyst from World of Chart’s X (formerly Twitter) feed has identified a pennant formation taking shape – a pattern that seasoned traders often view as a signal for potential upside movement.
The analyst’s chart for HBAR reveals a bullish pennant pattern, emerging after a notable upward price movement. This pattern indicates that HBAR price may be gearing up for another potential surge upward.
HBAR Price Target
The analyst anticipates a bullish wave of 60-65% following the breakout. This price target is derived from the length of the flagpole, which is often projected from the breakout point of the pennant. Given the significant rise represented by the flagpole, a similar percentage increase post-breakout is expected, potentially bringing HBAR’s price to between $0.5468 and $0.5638.
At the time of the analysis, HBAR is trading at approximately $0.341750. The breakout zone is marked between $0.24470, for a successful breakout, HBAR price must move above the upper trendline of the pennant, confirming the bullish scenario.
The lower trendline of the pennant serves as a support level, while the upper trendline represents resistance that must be breached. Once a breakout occurs, the previous resistance level could transform into support, laying the groundwork for the anticipated price increase.
The analyst suggests that HBAR price is exhibiting strong bullish signals, with a potential breakout from the pennant pattern on the horizon. Should this breakout prove successful, analysts foresee a substantial price increase of over 60%.
READ ALSO: FLOKI Memecoin Set to Soar as Price Breaks Historical Pattern
This analysis is based on a daily timeframe, indicating a focus on short to medium-term price movements. Given the current proximity to the upper trendline, a breakout is expected to occur soon.
