1. Recent price performance
$HBAR has been on a strong run over the past few days, with its price jumping 16% in just 24 hours to $0.345. This growth was accompanied by a 101% increase in trading volume, showing increased interest from traders and investors. The coin is also approaching its all-time high of $0.4323, posting a weekly gain of 38%.
2. Analyze chart patterns
Symmetrical Triangle Breakout: HBAR has managed to breakout the symmetrical triangle pattern on the daily timeframe, a technical indicator that reinforces expectations of a continued uptrend. The price has broken through key resistance levels, supporting the possibility of additional gains.
Support and resistance levels:
Support: $0.34 (pivot level), followed by $0.29 and $0.23.
Resistance: $0.35, $0.39, and finally $0.45.
3. Technical indicators
Relative Strength Index (RSI): The RSI is below 70, which means that the currency has not yet reached the overbought zone, and thus has a chance for further growth.
Fibonacci Levels: The coin has surpassed the 0.61 Fibonacci level, which increases the possibility of reaching the 0.78 level at $0.46.
4. Momentum and Volume
HBAR has seen a significant increase in momentum, with trading volume increasing by 101% in just one day. This performance reflects investor confidence and the high demand for the coin. It is worth noting that 69.9% of top traders on Binance are long, supporting expectations for a continued uptrend.
5. Factors affecting performance
Political Events: The presence of a major political event on January 20, 2025 added a positive boost to the sentiment surrounding the currency, with a positive impact expected on the markets.
Strategic Partnerships: Hedera’s collaboration with major companies like SpaceX and Coinbase Prime has helped boost investor confidence and bring more attention to the currency.
6. Future expectations
Short-term: If HBAR can hold the key support level at $0.34, it is expected to rise by 35% to $0.465.
Long-term: The coin may reach $0.60 levels if the bullish momentum continues and the market conditions remain supportive.
7. Potential risks
Price Correction: Rapid growth may lead to a correction soon, especially with the Bubble Risk Index reaching 3.63.
Market Volatility: Any changes in market sentiment or negative regulatory news can impact the currency's performance.
Conclusion
HBAR continues to perform well, supported by strong momentum and positive technical patterns. However, investors should keep an eye on support and resistance levels, as well as technical indicators such as RSI and Fibonacci levels, to ensure informed decisions. While the outlook looks bright, the possibility of a price correction requires caution and a balanced investment strategy.