HBAR

Hedera (HBAR) Up Over 840%, Eyes $0.504 Target Amidst Strong Volume and Bullish Momentum

Hedera (HBAR) has been on a tear, surging over 840% from its post-breakout lows. This impressive rally, backed by substantial trading volume, has propelled the cryptocurrency towards its key target of approximately $0.504.

A Bullish Breakout and Strong Momentum

A detailed chart analysis by Javon Marks reveals a clear shift in market sentiment. After a prolonged downtrend from mid-2022 to early 2023, HBAR entered a consolidation phase. This period of price stability formed a crucial breakout region, setting the stage for the subsequent bullish surge.

Source: Javon Marks(X)

Once the breakout occurred, HBAR embarked on a steep upward trajectory. The strong buying pressure, evident in the increased trading volume, has been instrumental in driving the price higher. 1 The cryptocurrency has consistently formed higher highs and higher lows, indicating robust market interest and a potential for further upside.  

Target in Sight: $0.504

With the current price levels, HBAR is well-positioned to reach its key target of $0.504. A 69% increase from its current price is required to achieve this milestone. Given the recent bullish momentum and the strong buying pressure, there is a significant possibility that this target could be reached in the near future.

Source: Coinglass

Funding Rate Analysis

Coinglass data provides insights into the market sentiment surrounding HBAR. The funding rate, which fluctuates between positive and negative values, reflects the overall sentiment of derivatives traders. While there have been periods of both bullish and bearish sentiment, the overall trend in the OI-weighted funding rate has been relatively stable.

Also Read: Is HBAR Price Set to Soar? Hedera Joins Forces with Intel and NVIDIA for Game-Changing AI Verification

Hedera’s impressive rally and strong momentum have positioned it for further upside potential. The key target of $0.504 remains in play, and with sustained buying pressure, HBAR could continue its upward trajectory. Investors and traders should closely monitor the market dynamics and consider incorporating HBAR into their portfolios.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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