Hedera (HBAR) has emerged as a standout performer in the current market cycle, demonstrating resilience and strength even amid uncertainty and volatility. After reaching a multi-year high last Friday, HBAR experienced a sharp correction, dropping over 22%. Despite this pullback, the price action suggests that Hedera is gearing up for its next major move, keeping investors optimistic about its bullish potential.
Renowned analyst Carl Runefelt has shared a detailed technical analysis on X, shedding light on HBAR’s current position. According to Runefelt, Hedera has successfully tested a key demand level following its recent drop, indicating that the cryptocurrency is preparing for a significant upward move. This successful retest of support is seen as a bullish signal, especially in a market marked by heightened volatility.
As Hedera continues to consolidate its position among market leaders, its ability to hold critical levels and rebound with strength is a testament to its growing adoption and investor confidence. With market conditions still uncertain, HBAR’s performance in the coming days will be pivotal in determining whether it can sustain its bullish momentum and lead the way in the altcoin market. All eyes are on Hedera as it prepares for what could be another explosive rally.
Hedera Prepares For A Breakout
Hedera has been navigating the volatile crypto market with remarkable resilience, positioning itself as a strong contender to lead this bullish cycle. As the broader market enters a bullish phase, HBAR’s price action reflects its potential, having been in a sideways consolidation since early December. This prolonged phase of accumulation suggests that Hedera may be primed for a breakout.
Market analysts have been increasingly optimistic about HBAR’s performance, with many pointing to its strong fundamentals and growing adoption as reasons for its bullish outlook. Notably, Carl Runefelt recently shared a technical analysis on X, highlighting key developments in HBAR’s price action. According to Runefelt, HBAR has successfully retested a critical demand zone that previously acted as resistance. This successful retest is a bullish signal, indicating that the price is building a solid foundation for its next upward move.
Runefelt further emphasized that if HBAR continues to hold this key level, the next logical step would be to set new yearly highs. He has set an ambitious price target of $4.20, which he believes is achievable once HBAR breaks above Friday’s price peak.
With the market sentiment turning positive and Hedera’s strong technical setup, the coming weeks could be pivotal for HBAR. A breakout above its current consolidation range could catapult it into new territory, reaffirming its position as a market leader in this cycle. Investors are closely watching for signs of this anticipated rally as Hedera continues to demonstrate its potential to outperform in the evolving crypto landscape.
HBAR Price Action: Key Levels To Hold
Hedera is currently trading at $0.33, following a sharp decline since last Friday’s highs. Despite the pullback, the price remains within a critical range, and bulls must act decisively to reclaim momentum and re-establish a bullish outlook. Holding above the $0.315 support level is essential to prevent further downside and maintain a stable foundation for recovery.
The immediate target for bulls is to push the price above the $0.35 resistance level, which has acted as a barrier in recent sessions. A successful reclaim of this level would signal renewed strength and spark optimism among investors. Breaking through $0.35 could set the stage for a broader rally, with the next key milestone at the $0.40 mark.
A move above $0.40 would reinforce confidence in HBAR’s bullish potential, likely attracting fresh buying interest and solidifying its position in the ongoing market recovery. However, failure to hold above $0.315 could result in further consolidation or even a deeper correction, challenging the positive sentiment around HBAR.
As the market awaits HBAR’s next move, investors are closely monitoring its ability to hold critical levels and break through resistance. The coming days will be pivotal in determining whether HBAR can regain its upward trajectory.
Featured image from Dall-E, chart from TradingView
Source: NewsBTC