Hedera Hashgraph’s token may be on the verge of a strong bullish breakout after forming a giant falling wedge pattern.
The price of Hedera (HBAR) was trading at $0.1882 on Monday, slightly below last week’s high of $0.2024, its highest level since March 12. It is about 51% above its lowest level this year.
Hedera reacted to the latest integration with Tokeny Solutions, an infrastructure network used by companies like ABN AMRO, Crédit Agricole, and BNP Paribas.
Tokeny has over 120 customers and has helped tokenize over $28 billion in assets over the past few years. This integration enables institutions to bring assets onto Hedera in just a few weeks using its white-label solutions.
Hedera’s network activity has also surged, with the total market cap of all stablecoins on the network jumping by almost 40% over the past seven days. Hedera now holds over $113 million in stablecoins, up from $26 million in January. A big increase in stablecoins is often a sign that activity on a network is rising.
HBAR price technical analysis
Hedera Hashgraph token peaked at $0.4 in January and then bottomed at $0.1240 on April 7 as most cryptocurrencies crashed.
The coin formed a falling wedge pattern, which occurs when two descending and converging trendlines come together. It has now broken above the upper side of the wedge, a bullish signal. HBAR has also moved above the 50-day Exponential Moving Average and has formed a small inverse head-and-shoulders pattern.
The Awesome Oscillator has remained above the zero line for four straight days. This popular indicator compares the momentum of shorter timeframes against a longer one to gauge the strength of price movements.
Meanwhile, the BBTrend indicator, which analyzes the relationship between two sets of Bollinger Bands, has continued rising and is about to move above the zero line. Therefore, the coin will likely continue rising as bulls target the key resistance at $0.2593, the 38.2% Fibonacci retracement point.
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