HBAR Price Breaks $0.10 With 50% Upside Potential

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Days after Hedera made the announcement of DeepTech Venture Studio in Saudi Arabia, the HBAR token is finding a new breeze of bullish momentum. With the SaucerSwap TVL reaching new heights and the new altcoin season, the HBAR price is well above the 10-cent mark. 

Finding a surge of 50% in the last two weeks, the breakout events and the rising volumes fuel the HBAR uptrend. With such a turnaround story in the early months of 2024, the market is buzzing with the question, “Will HBAR price reach $1?”

Well, such HBAR price predictions were not so common in the bear market. However, the new cycle projects a high likelihood. 

Is Hedera Fast Enough To Cross $0.15?

Following the falling wedge breakout in the daily chart on 6th February, the HBAR price signalled a trend reversal. Moreover, as we mentioned in our last article, with the possibility of Hedera reaching $0.10 with the new progress in Saudi Arabia, the buyers are reshaping the entire chart. 

Source- TradingView

With the HBAR lifting off from the runway of 50-day EMA, the buyers pump the token by 25% in a day. Leading to a bullish engulfing candle, the token is well above $0.10 and challenges the overhead resistance for a bullish continuation. 

Currently, the HBAR price is trading at $0.107 with an intraday pullback of 4.65% as the bulls relax after the pump last night. Following the short vacation, the buyers are planning a trend continuation to breach $0.12.

Technical indicator:

RSI indicator: The daily RSI line shows a bullish spike, as it crosses 70% to enter the overbought zone. Currently, at 76, the RSI shows a short dip but sustains the trend. 

Will HBAR Price Rise Reach $1?

Currently, the HBAR price trend is gaining momentum and projects a strong bullish trend in motion. Further, with the market recovery and the upcoming Halving event, the altcoin can reach the dream point of $1. However, the short-term obstacles reflect a resistance at $0.12 and the $0.1699 mark.