HBAR Breaks Out of Falling Wedge, Gains 0.62% in 24 Hours

Hedera's latest price was $0.1805, down 0.62% in the last 24 hours. The cryptocurrency has been making significant strides in the market, with recent developments highlighting its potential for growth. Despite ongoing macroeconomic uncertainty and global financial instability, HBAR has managed to maintain a positive trajectory, thanks in part to the renewed optimism sparked by Bitcoin's recent price jumps.

Analyst Carl Runefelt has shared insights on HBAR's technical performance, noting that the asset has broken out of a massive falling wedge pattern. This pattern is often seen as a bullish technical signal, suggesting that HBAR could be poised for a sharp upside move. The breakout is particularly significant when backed by strong volume and broader market support, indicating that HBAR is riding a wave of momentum that could lead to higher targets if key resistance levels are flipped into support.

Global tensions and ongoing trade war fears between the US and China have continued to rattle equities and traditional markets. However, crypto assets like HBAR are beginning to decouple from this trend, with Bitcoin leading a notable move higher that has started to lift altcoins. This divergence could mark the beginning of a fresh rotation into digital assets as investors seek growth outside of conventional markets. Runefelt's insights further confirm this potential, as HBAR's breakout from the falling wedge pattern suggests upward momentum, especially if it can continue to push through current supply zones.

HBAR's long/short ratio has climbed to its highest level in the past month, signaling a shift in trader positioning. The ratio currently stands at 1.09, indicating a sharp rise in the demand for long positions among HBAR's derivatives traders. This shift suggests that traders are predominantly bullish on the altcoin and are opening bets in favor of an extended price rally. Additionally, HBAR's rising futures open interest confirms the renewed demand for the altcoin, with open interest at $205 million, climbing 18% over the past day. This trend signals strong conviction behind HBAR's upward movement, as new money enters the market to support the uptrend.

As of the latest reports, HBAR is trading above the resistance formed at $0.190. If demand strengthens and HBAR bulls flip this price level into a support floor, the token could extend its uptrend and climb to $0.199. However, if HBAR bears regain market control, this bullish projection will be invalidated, and the token could lose its recent gains and fall to $0.153. Traders are closely watching the $0.199 level as the next key resistance, with the potential for a significant rally if this level is breached.

HBAR's recent developments and technical performance suggest that the asset is positioning itself for a significant continuation rally. However, market conditions remain volatile, and any pullback from broader sentiment shifts could test HBAR's strength. For now, bulls appear to be in control, and if the breakout holds, HBAR may soon target fresh local highs. The next few sessions will likely determine whether HBAR confirms its uptrend or returns to consolidation, as traders watch closely for confirmation of a sustained bullish momentum.