Crypto analyst JD recently suggested on X that Hedera (HBAR) might be forming an Ascending Triangle pattern rather than a Symmetrical Triangle. Both patterns typically signal a bullish breakout. As the market anticipates a potential altseason, JD’s analysis hints at a significant opportunity for investors. However, he also cautions about the risk of not securing profits, warning that 95% of traders might face losses.
The overall trend for HBAR’s market cap has been noteworthy. Starting below $1 billion in early 2020, it surged to around $8 billion in mid-2021 before declining and stabilizing between $1 billion and $4 billion by 2022, according to JD’s chart. A key element in this analysis is the four-year trendline, which has provided a consistent support level. This indicates a long-term upward trajectory despite volatility.
A horizontal resistance level around $8 billion has proven to be a key barrier. This level has repeatedly repelled market cap growth, suggesting strong psychological and financial resistance. The projected trend includes a triangular consolidation pattern from 2023 to 2025. This pattern’s rising lower trendline and flat resistance indicates increasing support and potential for a significant breakout.
In addition to JD’s analysis, another analyst, @dudebruhwhoa, highlighted the possibility of HBAR dropping to around 9-9.5 cents before rebounding to 18-20 cents. Despite losing the 50-day moving average, HBAR showed a modest recovery, suggesting cautious optimism among traders.
The HBAR ecosystem has also seen growth in transaction volume. House of Chimera, a research platform, reported that Hedera is projected to process over 3.5 billion transactions this month, largely driven by new decentralized applications like SaucerSwap Labs. This surge in activity underscores growing adoption and utility within the HBAR ecosystem.
HBAR Leads Layer 1 Cryptocurrency, Signaling Potential Growth
At press time, Hedera (HBAR) is priced at $0.1056, with a daily trading volume of $51,744,687.36. This marks a 1.08% increase in the last 24 hours, reflecting steady interest from the market.
