HBAR Breaks Descending Triangle, Targets 2024 High at $0.18

Hedera Hashgraph ($HBAR) has broken out of a long-term descending triangle pattern, marking a decisive bullish move on its weekly chart. The cryptocurrency surged by over 89% in just a week, moving from the $0.065 low to a local high of $0.12, with RSI soaring to 70, signaling strong bullish momentum.

The breakout comes after weeks of consolidation near a critical support zone between $0.028 and $0.045, a region tested multiple times since 2020. This bullish move indicates renewed interest in the $HBAR token, with the next target set at $0.18, a key resistance level identified as the 2024 high. Historical data shows a similar pattern in 2020 when the altcoin rallied over 2000% following a period of accumulation in this same support zone.

Reminiscent of historical data, the breakout trajectory hints at a possible repeat of this performance as the price targets higher levels. Traders are closely monitoring the $0.15-$0.18 range, with volume and momentum suggesting further upside potential. However, caution remains, as overbought RSI levels could prompt short-term corrections. All eyes are now on $HBAR’s ability to maintain its breakout and target new highs in 2024.

Market Experts Predict $HBAR to Outperform in Bull Market

Prominent market watchers have weighed in, reinforcing the bullish momentum around $HBAR. One such analyst is Traderroco, who recently forecast that the cryptocurrency would reach $0.10 and then $0.15—a projection that has already materialized amid the current rally. Looking ahead, Traderrocko predicts the token could soar to $0.40 in this cycle. Encouraging investors to “buy the dip,” he asserts that the altcoin is poised to be one of the top-performing assets in this bull market.

I said $HBAR was going to $0.1 then $0.15

Now im saying it's going to $0.4

Make sure to buy the dip, think #Hedera will be one of the strongest performers this bull market 🚀🚀 pic.twitter.com/CLS8MR6HMn

— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) November 20, 2024

Similarly, analyst Shawn highlights the cryptocurrency’s potential for vast growth, suggesting that its market cap could 20x to rival Solana’s, implying a price target of $3 per token. Drawing parallels to Bitcoin’s early days, Shawn underscored $HBAR’s undervalued status and immense growth potential. Supporting the growing enthusiasm, the altcoin’s open interest (OI)-weighted funding rate reflects positive momentum.

At press time, funding rates for $HBAR remain positive at 0.011%, highlighting sustained demand from leveraged traders. This indicates that long-position holders are willing to pay a premium to short-position holders to maintain their positions, indicating strong bullish sentiment in the $HBAR market. Such positive funding rates often reflect market participants’ confidence in the asset’s continued upward trajectory.

Despite these optimistic indicators, $HBAR’s price is experiencing a modest pullback from its recent highs. Over the past 24 hours, the token has declined by 2.49%, stabilizing near the $0.1262 mark. With a market capitalization of $4.82 billion and a robust 24-hour trading volume of $858.31 million, the altcoin remains an actively traded cryptocurrency. Whether $HBAR can recover and continue its rally toward the $0.18 target remains to be seen in the coming days.