Hedera (HBAR) is looking for a breakout after weeks of bearish price action. The cryptocurrency asset is currently priced at $0.161, failing to reclaim key resistance at $0.165. Breaking above it can prime the asset for a 22% rise to $0.20.
TikTok Bid Fuels Investor Hopes
A major factor boosting sentiment is Hedera Foundation’s move to partner with Zoopto in a bid to acquire TikTok. Approved, this transaction would introduce HBAR to millions of TikTok users, increasing adoption and demand. Investors have responded positively, shifting from a bearish to a bullish outlook.
Market Signals Show Growing Momentum
Technical indicators suggest a potential trend reversal. The Chaikin Money Flow (CMF) is ticking upwards, hinting at growing capital inflows. Although it hasn’t crossed the zero line yet, the increasing momentum could support a breakout.
In order to reach $0.20, HBAR will initially break resistance at $0.177 and $0.197. Breaking through these levels could establish a bullish trend. But if buyers sell prematurely, the price could be unable to sustain gains, risking a drop to $0.154 or lower.
What’s Next for HBAR?
The coming days are going to determine things. Should buying pressure continue, HBAR could be targeting its $0.20 destination. But inability to break the resistance could further lead to more consolidation. Speculators are scanning intently for signs of long-term uptrend.
