Hedera (HBAR) is showing significant signs of a potential breakout, sparking optimism among analysts who are predicting a surge toward $2.23. As of January 27, 2025, HBAR is trading at $0.3097, reflecting a 10% price increase in recent days.
Bullish technical indicators are aligning with the market’s positive outlook. The Relative Strength Index (RSI) sits at 60.93, indicating growing buying pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) at 0.004 supports the buy signal, further boosting expectations for an upward movement. Market experts are eyeing a $0.57 price point by February 1, with Shawn Sully citing a Cup and Handle pattern that could trigger a push above $0.40.
Other analysts like Eye Future foresee modest gains, with targets ranging between $0.3435 and $0.3485. In contrast, Birdman is more optimistic, predicting a rise to anywhere between $0.66 and $3 based on an incoming golden cross. AllinCrypto, meanwhile, believes a pennant breakout could propel HBAR to as high as $2.23, given strong volume.
Key Resistance Levels and Breakout Potential
HBAR’s daily chart reveals a descending wedge formation, a classic bullish reversal pattern, which could lead to a sharp breakout. The crucial resistance zone lies between $0.32 and $0.34, with bulls needing to break and hold above $0.40 to confirm an upward trend. If HBAR can break this barrier, the next target could be $0.49, aligning with historical breakout levels.
On-chain data further supports a bullish outlook, with over $10 million in HBAR outflows from exchanges in the past 48 hours, signaling smart money accumulation. The next few trading sessions will be critical to determine whether HBAR can sustain this momentum.
Catalysts for Continued Growth
Apart from technical factors, Hedera is experiencing growing developer activity and ecosystem expansion. The total value locked (TVL) has surged to $180 million, further boosting the bullish sentiment.
The potential launch of an HBAR ETF could add fuel to the rally, with analyst Eric Balchunas suggesting HBAR could be among the next crypto assets to benefit from ETF approval, thanks to its regulatory clarity.
Also Read: Hedera’s HBAR Sees $2.46M Inflow, But Bears Still Hold the Upper Hand: Will Price Surge Hold?
As HBAR continues to show signs of strength, the coming days will reveal whether it can break through key resistance levels and extend its rally toward the $2.23 mark.
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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