Amidst the prevailing bearish market sentiment, the native token of Hedera, HBAR, seems to be gearing up for an impressive rally after breaking out of a bullish price action pattern. On February 28, 2025, as the U.S. market opened, most assets started to witness a price rebound.
HBAR has shown an upside momentum of 7.5%, pushing the asset towards a crucial resistance level of $0.20, signaling a potential breakout. Currently trading near $0.21, HBAR has surged over 6.5% in the last 24 hours. This spike in price has also led to a significant increase in trading volume, with a 70% jump in participation from traders and investors.
Technical analysis indicates a bullish outlook for HBAR as it has broken out of a bullish double-bottom pattern on the four-hour timeframe. If the altcoin manages to close a four-hour candle above $0.21, there is a strong possibility of a 20% surge, pushing the price towards $0.25 in the upcoming days.
Following the breakout, market sentiment seems to be turning positive, with traders leaning towards the bullish side and investors accumulating tokens, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow suggests that exchanges have witnessed an outflow of $2.50 million worth of HBAR in the last 24 hours, hinting at potential accumulation that could drive buying pressure and trigger an upward rally.
In addition to the optimistic stance of long-term holders and investors, intraday traders are also increasingly betting on the bullish side, with bulls currently dominating the asset. Traders holding long positions at $0.1999 have accumulated $3.10 million worth of long positions, while those betting on the short side at $2.18 have built $1.34 million worth of short positions.
By combining these on-chain metrics with technical analysis, it is evident that bulls are currently in control, setting the stage for HBAR to potentially skyrocket in the near future. Investors and traders alike are keeping a close eye on the price action of HBAR as it navigates towards new highs.