- Altcoin could have the potential to reach the $0.46 level if bullish sentiment remains unchanged
- HBAR spot inflows/outflows revealed that exchanges saw outflows worth $11 million.
HBAR, the utility token of the Hedera Network, could be about to see notable bullish momentum as a bullish breakout approaches on the charts.
In recent days, HBAR has attracted the attention of many crypto enthusiasts due to its impressive performance. At the same time, recent price developments suggest that this rise is also likely to continue.
HBAR Technical Analysis and Key Levels
According to technical analysis from AMBCrypto, HBAR appeared to be on the verge of breaking out of a symmetrical triangle price action pattern on a four-hour time frame.
However, as the altcoin attempted to break this pattern at press time, it also appeared to be struggling.
Source: TradingView
Based on its recent price movement, if HBAR manages to break out and close a four-hour candle above $0.328, there is a high chance that it will rebound by 20% to reach the 0 level, $40 in the near future.
Moreover, if the altcoin market sentiment remains unchanged, there is a strong possibility that it could rebound another 20% to reach the $0.46 level.
On the positive side, HBAR’s Relative Strength Index (RSI) showed a reading of 57, below the overbought zone. This indicates that the asset still has significant potential to surge higher in the coming days.
On-chain bullish metrics
According to on-chain analytics firm Coinglass, this bullish technical analysis over a shorter time frame appears to have piqued the interest of long-term HBAR holders. In fact, HBAR spot inflow/outflow data revealed that exchanges saw significant outflows of $11 million.
Source: Coinglass
On the contrary, on-chain metrics suggest that long-term holders remained neutral, despite the sharp price decline on Tuesday. In fact, they seemed to be hoarding chips.
In addition to long-term holders, traders also seem interested in the altcoin, as revealed by Coinglass. HBAR’s long/short ratio had a value of 1.005 at press time, highlighting strong bullish sentiment among traders.
Combining these on-chain metrics with technical analysis showed that bulls are heavily dominating the asset. This could help HBAR overcome the obstacles that stand in its way.
