HBAR Price Analysis: Poised for Notable Upside Momentum as It Approaches a Bullish Breakout

HBAR, the utility token of the Hedera Network, may be poised for notable upside momentum as it approached a bullish breakout on the charts.

Cryptocurrency HBAR, the native token of the Hedera Network, might be preparing for a substantial price increase, as indicated by its approach to a bullish breakout on the price charts.

In recent times, HBAR has managed to capture the attention of a large number of crypto enthusiasts, thanks to its impressive performance. Its recent price action, meanwhile, suggested that this upward rally is likely to continue further.

HBAR technical analysis and key levels

According to AMBCrypto’s technical analysis, HBAR appeared to be on the verge of breaking out from a symmetrical triangle price action pattern on the four-hour time frame.

However, while the altcoin was attempting to breach this pattern at press time, it seemed to be struggling to do so.

Based on its recent price action, if HBAR manages to successfully break out and close a four-hour candle above $0.328, there is a high possibility it could rally by 20% to hit the $0.40-level in the near future.

Moreover, if the altcoin’s market sentiment remains largely unchanged, there is a strong possibility it could rally further by 20% to touch the $0.46-level.

On the positive side, HBAR’s Relative Strength Index (RSI) had a reading of 57, which was below the overbought zone. This indicated that the asset still has significant potential to soar in the coming days.

Bullish on-chain metrics

This bullish technical analysis on a smaller time frame appeared to have attracted the interest of long-term holders in HBAR, according to on-chain analytics firm Coinglass. In fact, data from HBAR’s spot inflow/outflow revealed that exchanges have seen a net outflow of $11 million.

On the contrary, on-chain metrics suggested that long-term holders have remained neutral, despite the sharp price decline on Tuesday. In fact, they appeared to be accumulating tokens.

In addition to long-term holders, traders also seem interested in the altcoin, as revealed by Coinglass. HBAR’s long/short ratio had a value of 1.005 at press time, highlighting strong bullish sentiment among traders.

When combining these on-chain metrics with technical analysis, it conveyed that bulls have been strongly dominating the asset. This could help HBAR overcome the hurdles in its path.