Will HBAR Price Hit $0.30 Amid Bearish Market Pressure?

HBAR Bullish Flag Formation Signals Potential $0.30 Breakout

Hedera (HBAR) price saw a 4% drop to $0.193 in the past 24 hours, reversing part of its 17% weekly gain. Key factors behind this decline include profit-taking following the launch of a major ETF and a technical breakdown signaling bearish momentum. Additionally, a broader market downturn contributed to the decrease in HBAR’s price.

Canary Capital ETF Sees Massive Growth in HBAR Holdings

Following its successful debut this week, the Canary ETF has seen impressive growth.  The ETF holdings have surpassed 172 million HBAR tokens, valued at approximately $34 million, marking a staggering 34x increase. 

The surge in value highlights a growing interest in Hedera price. Experts suggest that the rapid rise in the ETF’s value is likely driven by increasing institutional investments, along with a shift toward the adoption of Hedera’s decentralized network.

Bullish Flag Formation Points to Potential Upside Breakout

Crypto analyst Clinton Fx has identified a bullish flag formation on the HBAR chart, observed on the 3-day timeframe. This technical pattern often signals a potential upside breakout, suggesting that Hedera price may be gearing up for a substantial rally. 

Currently, the price is within a defined channel, with the upper and lower trendlines forming the flag. Should the price break above the upper boundary of the flag, the analyst foresees a massive upward movement. The breakout target indicates a potential price reaching over $0.30, representing a gain of approximately 42.78%.

Technical Analysis - Where is Hedera Price Heading to? 

The RSI stands at 50.83, indicating a neutral market with no overbought or oversold conditions. This balance suggests the market may consolidate before any major move.

Source: TradingView

However, the MACD indicator is showing some bullish signs, indicating potential upward momentum. The MACD line is hovering above the signal line with green bars forming on the histogram. This trend suggests that selling pressure is easing, and buyers could take the lead soon, pushing the price toward recovery.

Key resistance levels have been identified at $0.21960 and $0.30767, where the price may encounter significant challenges in moving higher. Moreover, immediate support is found at $0.15705, where buying interest might pick up. A break below this level could lead to further downside.