Hedera’s token HBAR is in full breakout mode, as it has surged by 17.11% in just 24 hours and 41.66% over the past week. HBAR’s price trend is being fueled by strong technical setups and fundamental catalysts. With market cap surging to $11.92 billion and trading volume skyrocketing by 126.07%, the token is now one of the top performers in the altcoin space. 

The sharp price rise is fostered by hopes of a spot ETF approval in the U.S., Hedera’s expanding DeFi ecosystem with a $215 million TVL, and strategic enterprise integrations. If you are a HBAR holder, you need to check out this short-term HBAR price prediction.

HBAR Price Analysis: 

The daily chart I’ve shared below clearly shows that HBAR has broken out of a long-term falling wedge pattern. After being in a tight range for months between $0.10 and $0.22, the breakout was confirmed with a strong bullish candle backed by surging volume. 

The price now trades at $0.2816, approaching the $0.2976 intraday high, with an eye toward key resistance at $0.37353. It is worth noting that, if the momentum persists, HBAR’s path to the $0.50 level looks increasingly realistic. That being said, the key support lies at $0.2376.

Talking about technicals, the RSI, which sits at 85.17, is deep in overbought territory. On the other hand, the Bollinger Bands are widening, reflecting rising volatility. This is while the price is trading well above the 20-day SMA and Bollinger mid-line at $0.1902, indicating sustained bullish momentum.

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