HBAR consolidates near a key demand zone, hinting at a potential trend reversal. A breakout could trigger a strong bullish move.

Hedera Hashgraph (HBAR) is consolidating within a descending triangle pattern, currently trading inside the horizontal demand zone. This level is providing support, preventing further downside for now.

The price of Hedera (HBAR) is consolidating within a descending triangle pattern, currently trading inside the horizontal demand zone, which is providing support and preventing further decline.

As reported by Benzinga, the token is handling fresh waves of bullish sentiment, which is surging through the crypto market, following Bitcoin's recent surge. With BTC's strong upward momentum igniting a broader market recovery, altcoins are gaining traction, and HBAR is one of the tokens that is seeing significant gains.

At the time of writing, the token is trading at $0.1914, reflecting a 5.19% increase in the past 24 hours. The token boasts a 24-hour trading volume of $334.54 million, a market cap of $6.84 billion.

HBAR eyes a major breakout

According to technical analysis by Rose Premium Signal, HBAR is currently consolidating near a key demand zone, which signals potential exhaustion of the ongoing downtrend.

The price movement remains within a descending channel, a structure that, if broken, could trigger a strong move in either direction. A breakout from this channel could lead to a significant bullish move, paving the way for a substantial rally in the coming weeks.

The analysis highlights a clear risk/reward setup, which provides a structured roadmap for HBAR's potential upside targets. The initial target is set at $0.3112, which could be reached if the breakout generates sufficient momentum.

Further gains could take the price to the next target at $0.3811, and if the bullish trend persists, the third target at $0.4481 could also be achieved.

On the downside, strong support is expected at the Fib level 0, which is holding between $0.1600 and $0.1830. A breakdown below this support could open the door for a move to the Fib level 1 at $0.1328, which acts as a potential stop-loss level.

If the anticipated breakout occurs, HBAR could experience a significant rally of over 140% from its current levels, which would generate substantial returns for traders who enter the trade at this stage.

The broader crypto market's bullish resurgence is playing a key role in HBAR's positive momentum, as Bitcoin's price action continues to set the stage for altcoins, reinforcing confidence among traders and investors.

If BTC sustains its bullish trajectory, it could further fuel the token's breakout potential, paving the way for even more significant gains in the coming months of 2024.

Stay tuned to Benzinga for more crypto coverage.