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Hedera Breaks Out: HBAR Price Holds Above Key Level, Targets $0.43
In a dramatic turn of events, the price of Hedera’s native cryptocurrency, HBAR, has broken out above a key resistance level, signaling a significant shift in market momentum. As a result, analysts are now targeting a potential move toward the $0.43 resistance level.
The recent surge has propelled HBAR above the previously established resistance zone around $0.20, which is now serving as short-term support. This sudden breakout from a multi-week consolidation phase appears to signal growing strength in the broader market structure.
Market observers are noting that the price action shows remarkable resilience, with long-term support at $0.147 remaining intact despite recent dips. Notably, this level has been instrumental in validating the current trend and confirming the bullish bias of HBAR’s chart.
Furthermore, some market participants are interpreting the consolidation above the $0.20 zone as a prime entry range, suggesting that traders who have taken positions within this area may be poised for significant profits if support holds. The cryptocurrency’s remarkable 32% gain in the past week serves as a testament to its growing momentum, with many analysts arguing that any dips are likely to serve as a buying opportunity.
The $0.43 level has emerged as a critical resistance point in the eyes of mid-term traders. If HBAR continues to rally and volume remains robust, a move toward this price region becomes increasingly plausible. Market data from CoinGecko shows the cryptocurrency currently trading at $0.231, with an impressive 1.36% daily pullback. Despite this minor correction, analysts believe that such fluctuations are merely a natural part of the market’s evolution.
It is crucial to note that HBAR has not yet shown any signs of a sharp reversal, which has led some observers to emphasize the growing potential for further growth.
Source: blockonomi.com
