Hedera Hashgraph (HBAR) Primed for a Multi-Year Breakout As It Completes a Downtrend and Recoups Its Gains

Hedera Hashgraph (CRYPTO: HBAR) enjoyed a massive bullish rally on Friday, extending its weekly gains to 33% and showcasing the dominance of bulls in the market.

At the time of writing, the price of HBAR was up by 7.90% over the past 24 hours, trading at $0.3725. The trading volume surged by over 78%, while the market cap rose by 4% intraday, reaching $14.24 Billion.

Here's what drove the recent HBAR price surge and what on-chain metrics, futures data, and price analysis have to say about the token's future trajectory.

HBAR Partnerships and Real World Asset Tokenization

On Wednesday, The HBAR Foundation announced a strategic partnership with Vaultik and the World Gemological Institute. This partnership will see $3 Billion worth of diamonds, gemstones, watches, and jewelry being tokenized as Real World Assets (RWAs) on the Hedera network.

Such partnerships are designed to accelerate Hedera's expansion in the crypto sphere and have instilled confidence and faith among investors.

On-Chain Metrics Reveal Bullish Outlook

Data from DeFiLlama reveals that HBAR's Total Value Locked (TVL) has seen a massive rise, reaching record highs at $214.75 Million. This significant surge in TVL highlights growing investor confidence and market interest for the token.

Additionally, HBAR's development activity has also seen a sharp surge in the past two weeks, soaring to the 98 mark. This heightened activity suggests a commitment to innovation and potential enhancements in the network's capabilities.

HBAR Price Analysis: A Multi-Year Breakout Imminent?

A recent post on TradingView by Altcoin Sherpa shows HBAR crypto has completed a 3-year old downtrend and recouped its gains. It's now on the edge of a multi-year breakout and could see a massive rally.

It shows an example of time-based capitulation and saw an explosive reversal. Once it breaks the $0.4000 high, it could revisit its ATH zone of $0.5700 in the short term.

Hedera price reveals a textbook symmetrical triangle pattern breakout and is attempting to breach its previous month’s trajectory. The current momentum is strong as buyers are accumulating the altcoin.

The Relative Strength Index (RSI) reaches the overbought zone at 65, replicating a positive crossover on the chart.

While, the Average Directional Index (ADX) is at 43, replicating a strong upward trend and the Chaikin Money Flow (CMF) value of 0.12 hints at a strong liquidity inflow into the market.

Once HBAR price forms a daily close above the $0.4000 mark, it could see an explosive upsurge and could break the ATH mark soon.

What Futures Data Suggests?

In the last 24 hours, the Futures Open Interest rose over 8.45%, implying sharp long buildup activity.

A look at the long/short ratio on various exchanges reveals that long contracts have outweighed the short contracts, a bullish sign.

Amidst the sharp surge of over 30% in a week, a massive short liquidation was noted and short traders looked underwater now.

The immediate support zones are $0.3500 and $0.3320, whereas the resistance levels are $0.4000 and $0.4200.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.