- Altcoin may have the potential to reach the $0.46-level if the bullish sentiment remains unchanged
- HBAR’s spot inflow/outflow revealed that exchanges have seen outflows worth $11 million
HBAR, the utility token of the Hedera Network, may be poised for notable upside momentum as it approached a bullish breakout on the charts.
In recent days, HBAR has captured the attention of many crypto enthusiasts due to its impressive performance. Meanwhile, its recent price action suggested that this upward rally is likely to continue too.
HBAR technical analysis and key levels
According to AMBCrypto’s technical analysis, HBAR seemed to be on the verge of breaking out from a symmetrical triangle price action pattern on the four-hour time frame.
However, while the altcoin was attempting to breach this pattern at press time, it appeared to be struggling too.
Source: TradingView
Based on its recent price action, if HBAR successfully breaks out and closes a four-hour candle above $0.328, there is a strong possibility it could rally by 20% to hit the $0.40-level in the near future.
Additionally, if the altcoin’s market sentiment remains unchanged, there is a strong possibility it could rally further by 20% to touch the $0.46-level.
On the positive side, HBAR’s Relative Strength Index (RSI) had a reading of 57, below the overbought zone. This indicated that the asset still has significant potential to soar in the coming days.
Bullish on-chain metrics
This bullish technical analysis on a smaller timeframe appeared to have attracted the interest of long-term holders in HBAR, according to on-chain analytics firm Coinglass. In fact, data from HBAR’s spot inflow/outflow revealed that exchanges have seen significant outflows of $11 million.
Source: Coinglass
On the contrary, on-chain metrics suggested that long-term holders have remained neutral, despite the sharp price decline on Tuesday. In fact, they seemed to be accumulating tokens.
In addition to long-term holders, traders also seem interested in the altcoin, as revealed by Coinglass. HBAR’s long/short ratio had a value of 1.005 at press time, highlighting strong bullish sentiment among traders.
When combining these on-chain metrics with technical analysis, it conveyed that bulls have been strongly dominating the asset. This could help HBAR overcome the hurdles in its path.
