Reasons Why HBAR Price May Be Ready to Rise by 20%

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HBAR is the utility token of the Hedera Network, and as it approaches a bullish breakout on the chart, it may gain significant upward momentum.

In recent days, HBAR has attracted the attention of many cryptocurrency enthusiasts with its outstanding performance. Meanwhile, its recent price trends indicate that this upward momentum may also continue.

HBAR Technical Analysis and Key Levels

According to AMBCrypto's technical analysis, HBAR seems poised to break out of a symmetrical triangle price action pattern on the four-hour timeframe.

However, as of the time of writing, despite the altcoin's attempt to break this pattern, it appears to be struggling.

Based on recent price trends, if HBAR successfully breaks and closes above $0.328 on the four-hour candlestick chart, it is likely to rise by 20% in the near future to reach the $0.40 level.

Additionally, if the market sentiment for the altcoin remains unchanged, it is likely to further rise by 20%, reaching the $0.46 level.

On the positive side, HBAR's Relative Strength Index (RSI) reading is 57, which is below the overbought zone. This indicates that the asset still has significant upside potential in the coming days.

Bullish On-Chain Indicators

On-chain analytics company Coinglass indicates that this bullish technical analysis for a shorter timeframe seems to have attracted the interest of HBAR long-term holders. In fact, HBAR's spot inflow/outflow data shows a significant outflow of $11 million from exchanges.

Conversely, on-chain indicators show that despite a significant price drop on Tuesday, long-term holders remain neutral. In fact, they appear to be accumulating tokens.

Coinglass reveals that besides long-term holders, traders also seem to be interested in the altcoin. As of the time of writing, HBAR's long/short ratio is 1.005, highlighting the strong bullish sentiment among traders.

Combining these on-chain indicators with technical analysis suggests that bulls have been strongly dominating this asset. This may help HBAR overcome obstacles on its path.