HBAR Bull Flag Formation Looks to Erase Losses, Get Bullish Momentum Back on Track

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As a seasoned researcher with years of experience in the crypto market under my belt, I have learned to navigate through the volatile seas of digital assets. The recent 10% pullback in HBAR‘s price within the last 24 hours might seem daunting to some, but my analysis points towards a potential recovery.

Despite experiencing a 10% pullback in the last 24 hours, the Hedera (HBAR) price has the potential to erase this loss. This assertion is because of the HBAR bull flag formation, which suggests that the decline to $0.29 may not last.

As a researcher, I’ve noticed that beyond the purely technical aspects, several other indicators suggest we might be on the brink of a substantial market upturn.

Hedera Eyes Breakout as Traders Bet on Recovery

At Christmas, HBAR’s price stood at $0.32, however, as I type this, the value of the altcoin has dropped to $0.29. This drop may be due to increased selling activity and a lack of significant buying activity within the market.

On a three-day scale, HBAR’s price dynamics indicate the formation of a bull flag. This pattern resembles a flag on a pole and is generally seen as a bullish sign. It usually appears after a significant upward price trend, followed by a short period of consolidation or pullback.

After being confirmed, this pattern indicates a continued rise in the uptrend. With the HBAR bull flag formation, it’s expected that the altcoin’s price will surge substantially, potentially reaching around $0.40.

It seems that traders are anticipating an increase in the cryptocurrency’s worth, as suggested by the funding rate. This funding rate signifies the fee charged for maintaining an open position in a perpetual contract.

As an analyst, I can express this concept in a more personal and straightforward manner:

Based on information from Santiment Hedera, their funding rate currently stands at a favorable 0.01%. If this trend continues, it may potentially boost the price of HBAR in the near future due to an increase in long positions.

HBAR Price Prediction: Move to $0.40 Likely

Based on the HBAR/USD weekly chart analysis, the Momentum Measurement tool called Moving Average Convergence Divergence (MACD) currently indicates a positive trend. This technical indicator calculates momentum through comparing the 12 and 26-day Exponential Moving Averages (EMA).

When the reading is positive, momentum is bullish. However, a negative MACD rating indicates that momentum is bearish. Thus,  the current reading of the indicator suggests that HBAR’s price could climb higher in the short term.

If the altcoin continues its current trajectory, there’s a possibility that the token’s worth might reach $0.40, as previously stated. If purchasing interest grows significantly, it could potentially climb up to $1.00.

If the bullish pattern for HBAR doesn’t hold up, it could mean a different outcome. In that case, the value of the cryptocurrency could potentially drop down to $0.17 instead.

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2024-12-26 17:15