All the reasons why HBAR’s price may be ready for a 20% hike now

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  • Altcoin may have the potential to reach the $0.46-level if the bullish sentiment remains unchanged
  • HBAR’s spot inflow/outflow revealed that exchanges have seen outflows worth $11 million

As a seasoned researcher with years of experience in deciphering cryptocurrency market trends, I find myself intrigued by the current trajectory of HBAR, the utility token of the Hedera Network. The technical analysis suggests that HBAR is poised for a potential bull run, with the $0.46-level within reach if the bullish sentiment remains unchanged.

The token used within the Hedera Network, HBAR, could potentially see significant growth as it nears a bullish surge based on its chart patterns.

Lately, HBAR has been drawing interest from numerous cryptocurrency enthusiasts thanks to its strong showing. Moreover, its current market behavior hints at a possible prolongation of this bullish trend.

HBAR technical analysis and key levels

Based on the technical analysis by AMBCrypto, it appears that HBAR could soon burst through the boundaries of a symmetrical triangle formation observed within a four-hour time frame.

Meanwhile, even as the altcoin was trying to break through this trend at the current moment, it seemed to be facing difficulties.

If HBAR manages to surpass its current price of $0.328 and conclusively end a four-hour trading period above this point, there’s a high likelihood it may surge by approximately 20% to reach around $0.40 in the coming days.

Furthermore, should the mood of the altcoin’s market persist, there’s a substantial chance it may surge an additional 20%, potentially reaching the $0.46 mark.

On a favorable note, HBAR’s Relative Strength Index (RSI) stood at 57, which is below the overbought range. This suggests that there’s ample room for this asset to potentially rise further in the upcoming period.

Bullish on-chain metrics

It seems that a positive technical analysis for HBAR on smaller timeframes caught the attention of long-term investors, as suggested by Coinglass’ on-chain analytics. Remarkably, data from HBAR’s spot inflow/outflow indicates that exchanges have experienced notable outflows worth approximately $11 million.

Contrary to what might seem apparent given the steep drop in prices on Tuesday, my analysis of on-chain data indicates that long-term investors have been maintaining a neutral stance, if not subtly amassing tokens.

Besides long-term investors, it appears that traders are also showing interest in this altcoin, according to Coinglass. At the moment of reporting, HBAR’s buying and selling ratio was 1.005, suggesting a robust positive attitude among traders towards the asset.

By blending these blockchain indicators with traditional chart analysis, it became evident that the bulls have held a firm upper hand in the market. Such insights might aid HBAR in overcoming the obstacles it encounters ahead.

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2024-12-14 12:39