HBAR experiences a significant price surge fueled by positive market sentiment and a technical breakout from a symmetrical triangle pattern. Analysts predict further potential gains if HBAR holds above a key support level.
A sudden shift in market sentiment , anticipated ahead of the political event on January 20, 2025, has led to a significant rally in HBAR over the past 24 hours. According to CoinMarketCap data, HBAR has surged by an impressive 16% in the last day, currently trading near the $0.345 level. This price surge has been accompanied by a substantial increase in trading volume, reaching a 101% rise during the same period.
This sharp increase in price has attracted considerable attention from investors and traders, resulting in a breakout from the prolonged consolidation and symmetrical triangle pattern HBAR had been forming on the daily time frame. According to AMBCrypto's technical analysis, HBAR not only broke out of the symmetrical triangle pattern but also surpassed the resistance level that had previously capped its upward momentum. Based on the recent price action, if HBAR manages to hold above the $0.34 level, it could potentially soar by another 35%, reaching the $0.465 level. On a positive note, HBAR's Relative Strength Index (RSI) remains below the overbought zone despite the notable upward momentum. This suggests that the asset still has ample room for further significant price appreciation. This bullish outlook appears to be attracting the attention of intraday traders, as reported by the on-chain analytics firm CoinGlass. When combining this on-chain metric with the technical analysis, it seems that bulls are currently in control of the asset, which could potentially support its upward trajectory and help it reach the predicted level in the future.
HBAR Cryptocurrency Technical Analysis Price Surge Market Sentiment
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