The HBAR token has created a W pattern, also known as a double bottom, on its daily chart, which usually appears when a trend change is approaching. The movements of the token within this pattern confirm a bullish price prediction for HBAR, suggesting that buyers are about to take control of the market as sellers withdraw.
The likelihood of this trend change occurring, as suggested by this pattern, becomes more probable after the price movement towards the resistance level of $0.228. The Hedera token must close above this resistance level to confirm that the trend shown by this pattern will materialize, and a 71% increase to $0.392 will be recorded.
The AO bars are also rising positively, supporting the bullish bias shared in this chart as positive momentum strengthens. At the same time, the upcoming crossover between the 20-day EMA and the 200-day EMA also shows that the short-term bullish trend is strengthening compared to the long-term trend, and additional gains could occur.
The bullish outlook is also supported by recent analysis that identified a bullish pattern on the one-week chart for the Hedera token, indicating that a move beyond $0.40 is very likely.