In today's cryptocurrency market, Bitcoin reached a new all-time high, and Hedera showed significant growth. Let's delve into this market movement.
Market Situation
The much-anticipated inauguration of Donald Trump has arrived, and the cryptocurrency market has reacted positively. Bitcoin surged to a new all-time high of $109K, gaining over 3%. Altcoins are also showing signs of recovery amid Bitcoin's rise.
Hedera Breakout Analysis
Hedera (HBAR) has stepped into the spotlight, posting impressive gains of over 7%. In November, HBAR began its rally from the $0.046 level, pushing up to the $0.39 resistance zone. After this, the price consolidated into a bullish pennant formation, signaling a potential for further upward movement. On January 16, HBAR decisively broke above the upper trendline of the pennant, rallying to a local high of $0.40, then retraced to test the $0.32 support zone.
HBAR Prospects
Currently trading at $0.3660, if the token manages to break above the $0.40 resistance zone, it could trigger a significant rally toward its short-term target of $0.55, representing a potential 50% upside from the current price. The MACD indicator remains in bullish territory, confirming that upward momentum is intact and signaling potential for further gains.
With the completion of the bullish pennant breakout retest, HBAR appears poised for continuation of its upward trajectory. However, traders should keep an eye on trading volume and broader market trends, as these will play a key role in sustaining the rally.
