Date: Mon, Dec 23, 2024, 12:58 PM GMT
In the cryptocurrency market today we are witnessing a slight recovery from the ongoing correction, with several altcoins recording noticeable gains. Among them, Hedera Hashgraph (HBAR) has surged over 4% in the past 24 hours, showcasing significant upside momentum. While many major altcoins have declined by over 20% during this correction, HBAR has only dropped by a modest 1.34% in the last 7 days, reflecting investors’ long-term bullish outlook.
According to crypto analyst @JohncyCrypto, he has shared his insights on HBAR today, which is indicating a breakout could be on the horizon.
Breakout on the Horizon
Analyzing the HBAR 4-hour chart reveals a falling wedge pattern that has been forming since December 3, when HBAR reached a high of $0.3923. This descending wedge structure includes a series of lower highs and lower lows, bounded by well-defined resistance and support trendlines.
Recently, HBAR experienced a “fakeout” below its support zone at $0.2370, only to bounce back strongly.
Currently trading at $0.27, just below the descending resistance line, today’s price action suggests growing momentum. A breakout above this resistance could propel HBAR toward short-term targets of $0.310, $0.330, $0.350, and potentially $0.375.
What’s Next for HBAR?
According to @JohncyCrypto, HBAR’s proximity to the critical descending resistance places it at a crucial juncture. A breakout could drive mid-term gains, with the potential to reach $0.375.
This outlook aligns with broader trends observed in the “Total 3” chart, which tracks the total crypto market cap excluding Bitcoin and Ethereum. This chart illustrates a descending triangle pattern that began around $1.14T in November, eventually stabilizing at a support level of $826B. The market has since rebounded to $931B, showing resilience and signaling potential recovery for altcoins.
From here, if the market makes a slight upside move, we could see it approach its upside descending resistance, which could lead to a broader recovery in altcoins and a breakout in HBAR ahead.
Conversely, failure to break this level may lead to consolidation or retesting of lower supports near $0.240.
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