HBAR price has formed a bullish pennant after holding above $0.23 support, signaling potential continuation toward the $0.37–$0.40 range.
Grayscale registered the Hedera Trust ETF in Delaware on August 12, reinforcing market optimism for potential institutional investment.
Trading volume has risen by 30% in the past 24 hours as HBAR tests the pennant’s upper boundary ahead of a possible breakout.
Hedera’s HBAR token is approaching a key technical breakout level after recent trading activity formed a bullish pennant pattern. The setup follows a sustained period of price consolidation above the $0.23 support level.
After breaking out from a double bottom formation with a neckline at $0.23, HBAR climbed to $0.30 before facing resistance twice. The pullback that followed returned the price toward the breakout zone, where it found firm support. This price action has since compressed into a narrowing range, creating a pennant formation that often precedes further gains in strong market trends.
Technical Indicators Maintain Bullish Bias
The bullish crossover between the 20-day exponential moving average and the 50-day simple moving average continues to favor upward momentum. Meanwhile, trading volume has contracted over recent weeks, a common occurrence before a breakout from such patterns. The latest price movements show renewed activity, with volume increasing by roughly 30% in the past day as the token tests the upper trendline of the pennant.
Market sentiment for Hedera has received an additional boost from a fundamental development. On August 12, Grayscale registered the Hedera Trust ETF in Delaware, alongside a similar filing for Cardano. Such registrations often precede formal SEC filings, suggesting the potential introduction of a regulated investment product tied to HBAR.
Breakout Projections and Near-Term Outlook
If HBAR closes above the pennant’s resistance with increasing volume, technical projections point toward a target near $0.37, based on the height of the preceding upward move. A sustained push beyond this level could open the path toward the $0.40 zone.
Although the breakout scenario remains favored, there is still the possibility of further consolidation within the pennant until price action reaches its apex. As long as the lower trendline holds, the bullish structure is expected to stay intact.
