Hedera (HBAR) has emerged as a standout performer in the current market cycle, demonstrating resilience and strength even in conditions of uncertainty and volatility. After hitting a multi-year high last Friday, HBAR has experienced a marked correction, falling more than 22%. Despite this pullback, the price action suggests that Hedera is gearing up for another major move, keeping investors bullish about its upside potential.

Renowned analyst Carl Runefelt shared a detailed technical analysis of X, shedding featherlight on HBAR’s current position. According to Runefelt, Hedera successfully tested a key demand level after its recent decline, indicating that the cryptocurrency is preparing for a significant move higher. This successful retest of support is seen as a bullish signal, especially in a market characterized by increased volatility.

As Hedera continues to consolidate its position among market leaders, its ability to sustain at critical levels and rebound strongly is a testament to its growing adoption and investor confidence. As market conditions remain uncertain, HBAR’s performance in the coming days will be crucial in determining whether it will be able to maintain its bullish momentum and lead the altcoin market. All eyes are on Hedera as it prepares for another explosive rally.

Hedera prepares to escape

Hedera is navigating the volatile cryptocurrency market with remarkable resilience, positioning itself as a robust contender to lead this bullish cycle. As the broader market enters a bullish phase, HBAR’s price action reflects its potential, having been in sideways consolidation since early December. This prolonged accumulation phase suggests that Hedera may be prepared for a breakout.

Market analysts are increasingly bullish about HBAR’s performance, with many pointing to its robust fundamentals and growing popularity as reasons for its bullish prospects. It is worth noting that most recently Carl Runefelt shared technical analysis on Xhighlighting key changes in HBAR’s pricing actions. According to Runefelt, HBAR successfully retested the critical demand zone that had previously acted as resistance. This successful retest is an upward signal, indicating that the price is building a solid foundation for another upward move.

Runefelt further emphasized that if HBAR continues to maintain this key level, the next logical step would be to set modern annual highs. He set an ambitious price target of $4.20, which he believes will be achievable once HBAR breaks above Friday’s price high.

Taking into account the improving market sentiment and Hedera’s good technical configuration, the coming weeks may be crucial for HBAR. A break above its current consolidation range could propel it into modern territory, confirming its market leadership position this cycle. Investors are closely watching for signs of this expected growth as Hedera continues to demonstrate its potential to outperform in the evolving cryptocurrency landscape.

HBAR Price Action: Key Levels to Maintain

Hedera is currently trading at $0.33, after falling sharply from last Friday’s highs. Despite the pullback, the price remains in a critical range and bulls need to take decisive action to regain momentum and re-establish a bullish outlook. Staying above the $0.315 support level is vital to prevent further declines and maintain a stable foundation for recovery.

The immediate goal for bulls is to push the price above the resistance level at $0.35, which has acted as a barrier in recent sessions. A successful recovery of this level would signal renewed strength and generate optimism among investors. A break of the $0.35 level could set the stage for a broader rally, with the next key milestone being the $0.40 level.

A move above $0.40 would strengthen confidence in HBAR’s upside potential, likely sparking interest from modern buyers and strengthening its position in the ongoing market recovery. However, failure to stay above $0.315 could result in further consolidation or even a deeper correction, undermining the positive sentiment around HBAR.

While waiting for HBAR’s next move, investors are closely monitoring its ability to maintain critical levels and break resistance. The coming days will be crucial in determining whether HBAR will be able to return to growth.

Featured image from Dall-E, chart from TradingView