The altcoin market is showing signs of gaining momentum, with Bitcoin inching closer to the $100,000 mark. Among the top performers, HBAR is standing out with its fifth consecutive bullish week.
In the weekly chart, the HBAR price has broken through a critical resistance level, sparking a new breakout rally. As the altcoin reaches the $0.25 mark, investors are wondering if this rally will push HBAR towards the $1 milestone.
Currently trading at $0.2515, HBAR has seen a 20% gain in intraday trading. The bullish trend is evident in the weekly chart, with the fifth bullish candle in the making. This surge has taken the HBAR price to levels last seen in March 2022, indicating a strong bullish momentum after years of consolidation.
Analyzing the Fibonacci levels, the uptrend has surpassed the 50% mark at $0.2409, opening up the possibility of HBAR reaching its previous peak of $0.44. If the momentum continues, the all-time high price of $0.5 could be within reach in the coming weeks.
Technical indicators such as the MACD and EMA lines are also signaling a bullish trend, with positive crossovers and potential bullish crossovers on the horizon. This suggests a significant shift in momentum towards a bullish rally.
Looking ahead, the immediate price target for HBAR is $0.35, with $0.44 and $0.5 as potential future targets. The critical support level for HBAR remains at $0.20, providing a safety net in case of a price correction.
While $1 is a long-term target for HBAR, the current momentum indicates potential rallies towards the $0.44 and $0.5 levels first. Investors are advised to stay updated on the latest news and developments in the altcoin market to make informed decisions regarding their investments in HBAR.