- HBAR price forms a cup-and-handle pattern, signaling a potential 106% rally.
- Immediate resistance at $0.268, with $0.36 and $0.40 as key targets.
- $0.22 support is critical to validate HBAR’s breakout and long-term gains.
HBAR price is charting a bullish cup-and-handle, and may increase by 106%, should the momentum persist. HBAR is currently priced at $0.2431, having broken out of a downward-running channel, and immediate resistance is at $0.268 and $0.305. Important Fibonacci points are broken at $0.36 and $0.40. The long-term objective is at $0.50, whereas a significant support point at $0.22 will be required to uphold the validity of the breakout. The main factor that will ensure a continuation of this upward trend will be market strength.
HBAR Price Action: Cup-and-Handle Formation Maps Road to Higher Levels
The HBAR price current price is trading at $0.2431, which has increased by $3.42 in the last 24 hours. The daily pattern indicates Hedera price making a cup-and-handle formation, and a breakout is now coming out of a declining channel. This technical structure indicates a possible bullish trend and the price is trading at the handle before surging up.
The nearest resistance is around $0.268 and then around $0.305 and these could serve as the checkpoints of the short-term gains. The levels concur with major Fibonacci retracements which means that areas of high selling pressure may be realized at these levels.
In case HBAR price is able to break these zones, the subsequent Fibonacci extensions levels would be at $0.36 and $0.40, where further resistance may develop. Such levels are to be observed closely to see additional signs of bullish strength.
The long-term target, which is a huge upside, is at $0.50 above these resistance levels. The chart indicates that an upside of up to 106% may be achieved should the break out of the handle be sustained with vigor though some consolidation may be experienced in between as the market tests the levels.
On the negative side, the $0.22 is a key support position that has to hold to ensure the validity of the breakout. In case HBAR price falls lower than this support, the bullish formation will be nullified, and a more significant correction will be required.
The resulting levels describe a vivid technical pathway in which the long-term prognosis of the price of HBAR is optimistic, as long as the market strength is maintained and support levels are preserved.
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