HBAR price has significantly increased after breaking out from a double bottom pattern, but signals of decline may indicate a pullback.
Recent HBAR Surge
Recently, the price of HBAR broke out of a double bottom pattern, crossing the level at $0.229 and reaching a peak of $0.299 on July 18, which represents an approximate gain of 30% from the breakout point.
Current Support and Resistance Levels
Currently, the price of HBAR has slightly pulled back and is trading around $0.267, consolidating above the newly established local support at $0.253. The measured move target from the double bottom pattern remains at $0.333.
Upcoming Events and Their Impact on HBAR
Looking forward, the U.S. Securities and Exchange Commission is currently reviewing a proposed Hedera ETF by Canary Capital intended for listing on Nasdaq. If approved, this could result in significant buying pressure. Additionally, Hedera is set to upgrade its mainnet to version 0.63 on July 23, which may reinforce confidence in the network's reliability.
In summary, while HBAR is currently showing significant growth, there are signs indicating a potential pullback, and important upcoming events may influence its future trajectory.
