HBAR price remains in a tight range today as the sentiment in the crypto market wanes. Hedera was trading at $0.2550, inside a narrow range it has remained in the past few weeks. This article explains why the HBAR token is on the cusp of a bull breakout.
HBAR Price Technical Analysis
The daily timeframe shows that the HBAR price is on the verge of a strong bullish breakout. It has formed several highly bullish chart patterns, meaning that the ongoing price action is not by mistake.
Hedera price has formed a symmetrical triangle pattern whose two lines are now about to converge. In most periods, this confluence normally leads to a major bullish or bearish breakout.
On the positive side, the triangle pattern is forming after it formed a vertical line, which in this case is a sign that it is a bullish flag.
HBAR price has also formed other popular bullish patterns. For example, it has retested the important support level at $0.2283, its highest point in May this year. A break-and-retest pattern is normally a sign of continuation.
Hedera price is now in the second phase of the Elliot Wave pattern. This phase comes before the third one, which is usually the most bullish and the longest one.
Therefore, the token will likely bounce back to $0.3042, its highest point this year. This price is about 20% above the current level. A move above that level will point to more gains to $0.40, up by 56% from the current price.
On the flip side, a move below the support at $0.2283 will invalidate the bullish HBAR price forecast and point to more downside.
READ MORE: Crypto Bull Run: Why are Altcoins Like Arbitrum, Ethena, ETH Going Up?
Top Hedera News to Boost its Price
Hedera price has numerous catalysts that may push it higher in the coming months. First, there are reports that SWIFT is collaborating with Hedera to test how to simplify the money transfer industry.
Hedera would be ideal because of its fast transaction speeds, low transaction costs, and its governance council that is made up of some of the top companies globally. Hedera is also at the forefront of the tokenization industry.
Further, Hedera’s ecosystem is growing albeit at a slower pace. It has a total value locked (TVL) of over $256 million, up by 9% in the last 30 days. The top apps in the network are Stader and SaucerSwap. There are also odds that the SEC will approve spot HBAR ETFs.
However, Hedera has some major drawbacks. One of them is that the stablecoin market capitalization has dropped by 24% in the last 30 days to $70 million. It also seems highly overvalued as it only made $2,151 in revenue in the last 24 hours.
READ MORE: HBAR Price Tanks After Bearish Signal—Will Hedera Rebound?
