Hedera Hashgraph (HBAR) Price Could Surge Soon as Chart Pattern Hints at a Bullish Breakout

Hedera Hashgraph (HBAR) has risen for two consecutive days, reaching a high of $0.3140, its highest level since January 7.

Hedera Hashgraph (CRYPTO: HBAR) price has shown signs of stabilizing after two days of gains, and a unique chart pattern on the daily time frame hints at a potential rebound.

What Happened: Hedera Hashgraph price encountered support on Monday and began a two-day ascent, reaching a high of $0.3140 on Tuesday, its highest level since January 7. The token's recent performance aligns with a broader market rally, with anticipation among investors regarding a spot exchange-traded fund approval by the Securities and Exchange Commission.

Canary, an emerging fund manager, has filed for an HBAR-focused ETF, and some analysts anticipate a high probability of its approval. In a report on Tuesday, JPMorgan predicted that the SEC, now led by Paul Atkins, is likely to approve crypto funds.

The report mentioned Ripple (CRYPTO: XRP) and Solana (CRYPTO: SOL) as examples of assets that could attract billions of dollars in inflows. Hedera Hashgraph might also benefit from this approval, paving the way for a spot Hedera ETF.

On the other hand, the total value locked in Hedera Hashgraph's ecosystem has seen a continuous increase in U.S. dollar terms. The network currently holds nearly $180 million in assets, spearheaded by protocols like Stader, SaucerSwap, Bonzo Finance, and Heliswap. Its stablecoin market cap has also risen to $11 million.

Hedera Hashgraph is often touted as a faster and more cost-efficient alternative to Ethereum (CRYPTO: ETH). The network's governance council includes major companies like Tata, Abrdn, Worldpay, IBM, and Dell.

HBAR Price Action: Awaiting Breakout

On the daily chart, HBAR price has been trading within a narrow range following its peak at $0.3922 in November. The token has formed a symmetrical triangle pattern, which is a key component of the bullish pennant pattern, often recognized as a continuation signal.

HBAR's position above the 50-day Exponential Moving Average and at the Murrey Math Lines' ultimate resistance level also suggests a buildup for a potential breakout.

The token's consolidation is further highlighted by its placement between the 61.8% and 78.6% Fibonacci retracement levels. A breakout from this pattern could lead to a strong bullish move.

The next crucial level to watch for HBAR is $0.3920, which marks the token's December 3 high. A move beyond this level could trigger further gains, with the psychological target set at $0.50, indicating a 68% increase from the current price.