HBAR token’s recent market trend is showing signs of a bullish breakout. As analyzed by Egrag Crypto, the token’s bounce from the Fibonacci 0.236 level has caught the attention of many. This rebound is not just a random spike. It suggests a strong foundation is being laid at this critical level. Moreover, the volume accompanying this movement indicates a growing interest in the market.
Additionally, the appearance of a double bottom pattern on the weekly timeframe chart injects a dose of optimism. This pattern is widely recognized as a bullish reversal indicator. Hence, it points towards an anticipated rise in price. The analysis further highlights an equilibrium point. This is seen as a potential target for the upward journey.
Fibonacci levels scattered across the chart guide observers through possible support and resistance zones. The focus on the 0.702 level is particularly intriguing as it suggests Egrag’s crucial target in the near future.
Furthermore, the chart showcases a consolidation box marked by a blue rectangle. This is where the price has been hovering lately. However, the green arrow pointing upwards from this box signals an expected breakout. This could propel the price to new heights.
The detailed, zoomed-in view at the bottom right corner of the chart offers a closer look at recent price actions. It clarifies the potential breakout scenario from the consolidation zone. This detailed view is crucial for understanding the immediate price movements.
Per recent price statistics, Hedera has seen a 1.16% dip to $0.076517 in the last 24 hours. Egrag Crypto’s analysis paints a bullish picture for HBAR. The technical indicators and the double bottom pattern suggest a potential upward surge. The market’s response, as evidenced by the trading volume, further supports this view. As a result, investors and enthusiasts are keenly watching HBAR for its next big move.