The HBAR token from Hedera Hashgraph, currently trading at $0.1525, indicates potential for a bullish breakout. Here we explore key contributing factors.
Current Situation with HBAR
The HBAR token was trading at $0.1525 on July 8, slightly above the monthly low of $0.1255. However, the current price remains 30% below the March high, placing it in bear market territory.
Fundamental Growth Factors
A fundamental catalyst for the HBAR price is the rebound in stablecoin supply within the network, which has surpassed $131 million this month, its highest since May 28. This recovery follows a low of $40.2 million last month, indicating an increase in network activity.
Technical Analysis of HBAR
Technical indicators suggest that HBAR may be nearing a bullish breakout. The token has created a double-bottom pattern with support at $0.1254 and a neckline at $0.2298. Other technical indicators such as the Relative Strength Index show that the token may rebound and test the neckline, which would represent a potential 45% gain from current levels.
Thus, the HBAR token from Hedera Hashgraph demonstrates signs of potential growth amid increased network activity and positive technical indicators, which could lead to a bullish breakout.
