- HBAR posted impressive gains of over 7% amid Bitcoin's surge to a new all-time high of $109K during Trump's inauguration.
- HBAR broke above the upper trendline of a bullish pennant formation on January 16, reaching a local high of $0.40 before retracing to test $0.32 support.
- Currently trading at $0.3660, HBAR could rally toward a short-term target of $0.55 if it breaks above $0.40 resistance, representing a potential 50% upside.
- The MACD indicator remains in bullish territory, confirming intact upward momentum and signaling potential for further gains.
Date: Mon, Jan 20, 2025, 10:22 AM GMT
In the cryptocurrency market today, the much-anticipated inauguration of Donald Trump has arrived, and altcoins are showing signs of recovery as Bitcoin (BTC) surges to a new all-time high of $109K, gaining over 3%.
Amid this, Hedera (HBAR) is stepping into the spotlight, posting impressive gains of over 7%, with its recent breakout and retest signaling the potential for a bullish upside move.
Retests Bullish Pennant Breakout
HBAR’s bullish momentum began in November with an explosive rally from the $0.046 level, pushing the price up to the $0.39 resistance zone. After reaching this high, HBAR consolidated into a bullish pennant formation, signaling a pause before continuation.
On January 16, HBAR decisively broke above the upper trendline of the pennant, rallying to a local high of $0.40. Following this breakout, the token retraced to test the $0.32 support zone, a critical level for confirming the breakout.
Currently trading at $0.3660, and if the token manages to break above the $0.40 resistance zone, it could trigger a significant rally toward its short-term target of $0.55, representing a potential 50% upside from the current price.
The MACD indicator remains in bullish territory, confirming that upward momentum is intact and signaling potential for further gains.
What’s Next for HBAR?
With the retest of the bullish pennant breakout now complete, HBAR appears poised for continuation of its upward trajectory. If bullish momentum persists, the token is well-positioned to rally toward $0.55 in the coming days. However, traders should keep an eye on trading volume and broader market trends, as these will play a key role in sustaining the rally.
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