$HBAR
🚨 HBAR Price Analysis Signals Parabolic Rise Ahead 🚨
HBAR price at $0.20 holds above the psychological mark and enters a short consolidation after a 17.51% surge last week as Bitcoin price hit $100k. Supporting the uptrend, CoinMarketCap’s data shows a 102% surge in trading volume, hitting $592.11 million.
The altcoin price surged 782% between November 4 and December 6 before witnessing a consolidation, constricted within two declining trendlines. This forms the flag pattern, with the bull run known as the pole and the consolidation as the flag. The downfall in HBAR token bottomed out at $0.1247 on April 8 and has surged 66% since then. The altcoin marked an upside breakout with a decisive daily closing price of $0.1952 on May 8 above the flag’s upper boundary.
Flag pattern’s price target is calculated by adding the pole’s length to the breakout point, hinting at a 782% rally to $1.66. According to the trend-based Fibonacci levels, the uptrend could witness short-term resistance at the 50% level at $0.45. Optimistically, the pattern’s breakout rally will surpass the 100% level at $1.29. Hence, the technical signals support the HBAR price prediction of the $1 psychological mark.
The positive trend in the Relative Strength Index (RSI) consolidates near the overbought boundary line, reflecting a minor slowdown in bullish momentum. Additionally, the merger of 50- and 200-day EMAs signals a potential golden crossover ahead. Thus, the technical indicators bolster the HBAR bull run chances with a pattern breakout.