HBAR Price Climbs as Bullish Double Bottom Pattern Suggests 150% Surge to $0.42, Driven by Hedera Network Expansion
Highlights:
- HBAR could rally by 155% to reach $0.42 if it confirms a double bottom formation on the weekly chart.
- Hedera’s stablecoin market cap grew by $90 million in just two weeks.
- A breakout above $0.22 resistance may solidify the bullish setup.
Hedera’s native token, HBAR, is gaining momentum amid a notable rise in network usage. Over the last 24 hours, the token’s price has risen 5.2% to $0.178, with trading volume jumping 43% to $367 million as of July 10. This uptick aligns with increasing activity on the Hedera blockchain, particularly in the stablecoin sector.
Technical Setup Points to Major Upside
HBAR touched $0.18 today, its highest point in a month, propelled by overall crypto market strength. The asset is currently breaking away from a key support zone, forming a bullish double bottom pattern on the weekly chart.
The first resistance HBAR must overcome is $0.22—considered the neckline of this pattern. If the token breaks through this level, it could signal a confirmed trend reversal. The pattern’s full projected target is $0.42, implying a potential rally of over 155% from current levels.
Momentum Indicators Support Bullish Trend
Technical indicators reinforce the upward outlook. The Relative Strength Index (RSI) has moved above 50, reflecting growing buying pressure and a shift in market sentiment in favor of bulls.
Hedera Ecosystem Growth Adds Fuel
On-chain metrics also support the rally. According to DeFiLlama, Hedera’s stablecoin market cap has expanded by $90 million over the past two weeks, signaling increased user activity. Additionally, the Total Value Locked (TVL) in Hedera’s DeFi ecosystem rose 24% in that same period—from $72 million to $89 million.
Investor Positioning Signals Confidence
Further data from Coinglass shows that long positions are building up, as evidenced by a rise in the long/short ratio and a 6% increase in open interest to $271 million. This indicates growing confidence among traders in a continued price rise.
Conclusion
HBAR appears to be on the verge of a significant breakout. If the token successfully breaches the $0.229 resistance level, it could set the stage for a rally toward $0.42. With network activity surging and technicals aligning, the outlook for Hedera looks increasingly bullish.
