Hedera (HBAR) Eyes Breakout as Price Tests Key Resistance Level

Key Takeaways

• Wave 4 nearing completion at key Fibonacci support.
• Breakout from the descending channel signals early bullish momentum.
• Upside target potential above $0.35 based on the Elliott Wave structure.

Hedera (HBAR) is at a critical juncture, with the daily chart indicating a potential end to a corrective wave structure.

At the same time, the lower time frame suggests an early-stage impulsive breakout. With Fibonacci levels aligning key support and resistance zones, price action will be crucial in determining the next trend over the coming days.

HBAR Price Analysis

The daily chart shows HBAR completing a corrective wave (Wave 4) within the larger impulsive Elliott Wave cycle.

The price retraced to the 0.5 Fibonacci support at $0.218, with an additional confluence around the 0.618 level at $0.177.

This zone has historically acted as strong support, suggesting the possibility of a reversal.

The overall structure suggests a WXY corrective pattern, with the final “Y” wave concluding near current price levels.

The Relative Strength Index (RSI) has reached oversold conditions, reinforcing the likelihood of an upcoming wave 5 rally.

Furthermore, previous highs near $0.39 align with the 1.0 Fibonacci retracement, making it a critical upside target should bullish momentum take hold.

Given the impulsive nature of prior moves, a sustained breakout above $0.259 (0.382 Fibonacci) would signal confirmation of a new upward wave.

HBAR Price Prediction

The 1-hour chart reveals a textbook descending wedge breakout, which often marks the beginning of a new bullish impulse.

The recent breakout aligns with an early-stage wave (i) of a larger five-wave structure.

Following the breakout, the price was retraced to test support at around $0.218 (0.5 Fibonacci retracement), suggesting a completed wave (ii) pullback.

If this structure holds, wave (iii) is expected to extend significantly higher, potentially reaching $0.31 (0.236 Fibonacci) as its primary target.

Given the aggressive nature of wave (iii) in impulsive structures, further resistance at $0.35 and $0.39 (previous swing highs) should be monitored.

The RSI on the 1-hour chart is turning upwards from oversold territory, signaling renewed bullish momentum.

Failure to hold above $0.218 could invalidate the bullish wave count, with deeper support around $0.177 (0.618 Fibonacci) serving as the last line of defense before further downside.

Key Levels to Watch

• Immediate Resistance: $0.259 (0.382 Fibonacci retracement).
• Key Resistance: $0.31 (0.236 Fibonacci retracement).
• Major Resistance: $0.35 (prior key swing high).
• Immediate Support: $0.218 (0.5 Fibonacci retracement).
• Critical Support: $0.177 (0.618 Fibonacci retracement).
• Short-Term Target for Wave (iii): Above $0.31 if breakout sustains.
• Invalidation Zone: Below $0.177, breaking the bullish structure.

HBAR is in a pivotal position, showing signs of completing a corrective phase and transitioning into a bullish impulse.

While confirmation is required through continued momentum above key resistance levels, the Elliott Wave count suggests an imminent wave 5 rally, targeting higher Fibonacci levels.

However, losing support at $0.218 could delay or invalidate this bullish outlook.