$HBAR Price Breaks Bull Flag, Targets $1 Amid 125% Volume Surge
Hedera Hashgraph (HBAR) price at $0.2072 is down 3.61%, witnessing a minor pullback after a near 18% rally last week.
Based on technical data and a 102% surge in trading volume, HBAR price is prepared to mirror the 780% rally seen in November 2024 to hit $1.
The Hedera Hashgraph network surge with the NFT boom adds tailwind to the recovering HBAR price. So, let’s find out if the resurfacing HBAR token could reclaim the $1 mark.
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.
