|
Getting your Trinity Audio player ready...
|
Hedera (HBAR) may be nearing the end of a prolonged corrective phase, with key technical signals hinting at a potential bullish reversal. After a strong rally in December 2024 that pushed prices to nearly $0.387, HBAR entered a complex WXY correction, ultimately bottoming out at $0.125 on April 7.
The recent structure on the daily chart shows a descending wedge—a classic reversal pattern—culminating in a breakout above $0.1749, the 0.618 Fibonacci retracement level. Although HBAR has since dipped 12% from its local high, analysts view this as a potential pullback before renewed upside.
Technical indicators support this narrative. The Relative Strength Index (RSI) has exited oversold territory, suggesting that the asset still has room to climb before reaching overbought levels. However, a sustained move above $0.1749 is crucial to confirming the bullish case. A daily close above this level would mark a significant shift in market structure and increase the likelihood of a new uptrend.
Conversely, failure to hold above the $0.14 support zone could invalidate this optimistic outlook. In that scenario, another leg down could push HBAR toward $0.1173, the 0.786 Fib retracement level.
Also Read: Hedera (HBAR) Drops 12% After Breakout — Can $0.143 Hold to Confirm Bullish Reversal?
Zooming in on the 1-hour chart, a completed five-wave impulse appears to have topped at $0.175, followed by what seems to be an ABC correction. Currently, wave C looks to be concluding with a final leg downward. The price is hovering near $0.1437–$0.1450, a critical support level aligned with a descending trendline. If this support holds, a new impulsive rally—potentially wave (iii)—could target the $0.1749–$0.2155 range.
Volume confirmation and RSI behavior will be key in validating the reversal. A strong rebound from current levels could officially mark the end of HBAR’s long-term correction and the beginning of a new bullish cycle.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
