HBAR price has remained in a tight range in the past few weeks and is slowly forming the bullish pennant pattern, pointing to more gains in the coming days. Hedera was trading at $0.2500, down by 18.20% from its highest point this month.
HBAR Price Prepares for a Bullish Push
The daily timeframe reveals that the Hedera Hashgraph price formed a double-bottom pattern at $0.1260, its lowest swing in April and June. This pattern has neckline at $0.2279, its highest swing in May when cryptocurrencies surged.
A closer look at the chart shows that it has formed a bullish pennant pattern. This pattern consists of two key sections: a flagpole and a triangular consolidation.
The flagpole part has already formed from a low of $0.1261 to a high of $0.3050. This gives it a height of $0.1793 or 60%. It is now forming the symmetrical triangle pattern, whose two lines are about to converge,
Another bullish catalyst is that it has retested the support at $0.2279, in what is known as a break-and-retest, which is a common continuation sign.
Hedera Hashgraph formed a golden cross pattern as the 50-day and 200-day moving averages crossed each other. As such, these patterns will likely have a strong bullish breakout, with the initial target being at $0.3050, its highest point on July 21st, which is about 23% above the current level.
On the flip side, a drop below the support at $0.2280 will mean that the bearish pressure is too much and lead to more downside. Such a move would push the token to the 200-day moving average at $0.20.

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Hedera Hashgraph Faces Ecosystem Risks
While the HBAR price outlook is bullish, ecosystem data shows that Hedera Hashgraph ecosystem is not growing. For example, Hedera’s total stablecoin supply stands at just $86 million, down from last month’s high of over $200 million. It is unclear why this supply crashed since it was the second time this had happened in three months.
More data shows that Hedera Hashgraph has a total value locked of over $255 million, up sharply from the June low of $138 million. While this is an improvement, the increase is because of the HBAR price surge. In HBAR terms, the TVL has dropped to 1 billion HBAR, down from the year-to-date high of 1.16 billion tokens.
Hedera’s DEX transactions have stagnated in the past few weeks. It is handling about $10 million in transactions each day, much lower than other networks, including newly launched ones like Base and Unichain.
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