HBAR is forming a macro ascending triangle, indicating potential for a significant breakout.
Key resistance sits at $0.1751, with Fibonacci levels offering projected price targets.
Market momentum remains cautious, with analysts eyeing volume confirmation for any bullish move.
A solid technical foundation is being built on the macro chart of Hedera's native token, HBAR, pointing towards a possible breakout in progress. Technical analysts tracking longer-term trends suggest that HBAR appears to be trending within a well-defined ascending triangle—a typically bullish continuation pattern.
While some chart watchers have speculated price targets as high as $18, all are watching to see if HHB will maintain its current path and blow through resistance levels into the near to mid-term.
Ascending Triangle Signals Potential Momentum Shift
On the large chart, an ascending triangle points to a growing group of bullish traders. When the market trades between a rising support level and a horizontal resistance level for a while, it shows that buyers are showing more strength.
Currently, HBAR trades at $0.1735 rising 0.5% in the past day, it is almost reaching its short-term resistance of $0.1751. Support is established slightly below at $0.1719, marking a critical zone to watch for possible rejection or continuation.
Long-Term Projection Tied to Fibonacci Extensions
According to analyst Egragcrypto, he projected a number of profit-taking levels in the event of a breakout to the up side. These include the 1.272, 1.414, and 1.618 Fibonacci levels, which have been traditionally the price targets during extended bullish trends. While an $18 target may appear overly bullish in the current market environment, experts argue that such figures are made on macro-projection models rather than short-run sentiments
https://twitter.com/egragcrypto/status/1930137518265024763
The Fibonacci zones mentioned are not unique to HBAR but are common in broader technical analysis frameworks. Their application in this scenario is based on the idea that, if certain altcoins like XRP can project future valuations in the double-digit range, then HBAR’s own long-term potential might warrant attention—even if these projections remain speculative.
HBAR Tests Resistance Amid Breakout Watch
HBAR remains ranked #23 by market capitalization. It currently trades at 0.051639 BTC, showing marginal movement against Bitcoin. Traders are advised to monitor volume and candle structure closely as HBAR tests resistance levels, as a breakout would need confirmation through strong buying momentum and sustained price action above key technical thresholds.
In summary, HBAR is presenting a macro structure that has historically led to breakouts in similar assets. While nothing is guaranteed, ongoing developments in price structure and technical indicators are being watched closely for confirmation.
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