Connect with us
DAPA Banner

Crypto World

HBAR price nears breakout, inverse head and shoulders pattern forms

Published

on

HBAR price nears breakout as inverse head and shoulders pattern forms - 1

HBAR price is consolidating below key resistance as an inverse head and shoulders pattern develops, signaling a potential bullish breakout if the neckline resistance is cleared with volume.

Summary

  • Inverse head and shoulders pattern developing, signaling trend reversal potential
  • $0.09 neckline resistance is the key trigger for bullish confirmation
  • Holding above the point of control supports a breakout toward higher targets

HBAR (HBAR) price action is showing increasingly constructive behavior as the market builds a classic bullish reversal structure on the higher timeframes. After an extended corrective phase, price has stabilized and begun forming an inverse head and shoulders pattern, a formation often associated with trend reversals when confirmed by a breakout above resistance.

This structure is developing just beneath a key high-timeframe resistance level, placing HBAR at a critical inflection point. With price holding above key value levels and volume remaining supportive, the technical setup suggests that bullish momentum may be building beneath the surface.

Advertisement

HBAR price key technical points

  • Inverse head and shoulders pattern is forming, signaling potential trend reversal
  • Neckline resistance sits near $0.09, a key high-timeframe level
  • Price is holding above the point of control, supporting breakout conditions
HBAR price nears breakout as inverse head and shoulders pattern forms - 1

HBAR’s recent price action has carved out a well-defined inverse head-and-shoulders pattern, consisting of a left shoulder, head, and right shoulder. This structure typically forms after sustained downside pressure and reflects a gradual shift in control from sellers to buyers.

The neckline of this pattern is clearly defined near the $0.09 level, which also aligns with a high-timeframe resistance zone. This confluence strengthens the importance of the level, as a breakout above the neckline would represent both a pattern confirmation and a structural shift.

Throughout the formation, price has respected higher lows, indicating that downside momentum is weakening and buyers are increasingly willing to step in earlier.

Volume and point of control support the setup

One of the more constructive aspects of HBAR’s setup is how volume behaves during consolidation. Price is currently trading above the point of control, where the highest concentration of traded volume has accumulated. Holding above this level suggests acceptance at higher prices and reinforces the bullish narrative.

Advertisement

In reversal structures, accumulation beneath resistance is often a precursor to expansion. The fact that volume has remained healthy, rather than declining, indicates sustained participation and reduces the risk of a false breakout.

Additionally, a key swing low has formed near the value area low, further supporting the idea that demand is building at higher levels rather than allowing price to rotate lower.

Breakout conditions and upside targets

For the bullish scenario to fully play out, HBAR must break above the neckline resistance near $0.09 with a clear bullish influx. A decisive close above this level, with expanding volume, would confirm the inverse head-and-shoulders pattern and signal a shift in market structure.

Advertisement

If confirmed, the next upside target would be the value area high, followed by the broader high-timeframe resistance around $0.12. These levels represent natural areas where price may pause or consolidate following a breakout.

Importantly, a breakout without volume confirmation would increase the risk of a failed move. As such, volume behavior remains a key variable to monitor.

What to expect in the coming price action

From a technical, price action, and market structure perspective, HBAR is approaching a pivotal moment. As long as price remains above the point of control and continues to build higher lows, the inverse head and shoulders pattern remains valid.

A successful breakout above $0.09 would likely trigger a bullish expansion toward higher resistance zones. Conversely, failure to break and hold above the neckline could result in extended consolidation or a rotation back toward lower value levels.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Drift Protocol Warns of Potential Cybersecurity Exploit

Published

on

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange

Drift Protocol, a decentralized cryptocurrency exchange (DEX), detected “unusual” trading activity on the platform on Wednesday, warning users not to deposit funds until the issue has been resolved.

The Drift team did not disclose the specific cause of the ongoing incident or the damage in its initial announcement and is currently investigating the issue. 

In a subsequent update, the Drift team announced that deposits and withdrawals on the platform have been suspended. 

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange
Source: Drift Protocol

Blockchain cybersecurity threat researcher Vladimir S said the exploit was likely due to a crypto wallet private key leak, and the total funds lost in the incident could be as high as $200 million. 

“Admin signer was compromised, or whoever controls it intentionally executed these changes,” he said

Advertisement

The stolen assets include wrapped versions of Bitcoin (BTC), Jito (JTO), the Fartcoin (FRT) memecoin, other altcoins, and various dollar, euro, and Japanese yen stablecoins, which have since been transferred to multiple wallets, according to Vladimir S.

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange
Source: Vladimir S

The exploiter started converting the stolen assets to the USDC (USDC) stablecoin, bridging the funds to the Ethereum network and purchasing Ether (ETH), according to Solana treasury company DeFi Development Corp.

Cointelegraph reached out to Drift Protocol but did not receive an immediate response by the time of publication. 

Cybersecurity exploits and hacks were responsible for $49 million in crypto losses during February, a sharp decrease from January, but a reflection of the ongoing security threats users and platforms face.

Related: Resolv temporarily halts protocol to ‘contain the impact’ of 80M USR exploit

Advertisement

Drift token impacted by the exploit

The price of the Drift (DRIFT) token briefly reached $0.68 on Wednesday, but fell by about 18% following news of the exploit, according to data from CoinMarketCap.

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange
Drift token falls after news of the exploit. Source: CoinMarketCap

About 83% of the native crypto tokens of hacked platforms never recover to pre-hack prices, according to blockchain security company Immunefi. 

“The stolen funds are only the first layer of damage,” Immunefi CEO Mitchell Amador told Cointelegraph in March.

“What follows is often more destructive: sustained token price suppression, reduced treasury capacity, leadership disruption, lost development time, and erosion of user trust,” he added. 

Magazine: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express

Advertisement