Hedera (HBAR) Price Jumps 30% in September — October Forecast Ahead
HBAR showing early signs of bull phase, but more confirmation is needed. Downturn expected but for how long?
Key Takeaways
- HBAR rebounds from 2023 lows, starting a potential uptrend.
- A retracement is likely; depth is crucial for confirming a bullish outlook.
- $0.090 is the key target of five-wave impulse forms.
Since reaching its all-time high in 2021, Hedera (HBAR) has faced a lengthy bear market. However, after hitting its lowest level in early 2023, the price saw a sideways movement before an uptrend began. While some retracement is expected, current support levels may signal a continuation of HBAR’s upward trajectory.
HBAR Price Analysis
Since hitting its all-time high of $0.58 in September 2021, HBAR has experienced a prolonged bear market, reaching a low of $0.036 on Jan. 1, 2023. This price level was last seen during its pre-bull run consolidation.
From January 2023, we saw a period of sideways movement as the price consolidated after a prolonged bear market.
This lasted until October when the first uptrend began from a low of $0.045. On March 17, 2024, HBAR reached a high of $0.14.
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This was its highest point since May 2022, likely the first five-wave impulse in a starting bull phase.
A correction was anticipated, but the price reverted to its horizontal zone, questioning the bullish outlook.
As it bounced from it on Aug. 5 and later on Sep. 6, entering the oversold zone on the daily chart, there is still a chance the price is now entering another round of upward trajectory.
It reached a high of $0.064 on Sep. 29, and its daily chart Relative Strenght Index (RSI) came close to being overbought.
A retracement would now look likely but its depth and momentum will hint at the further upside potential.
HBAR Price Prediction
Zooming into the hourly chart and examining the wave structure behind its recent rise, we can see that three waves to the upside formed.
Its last descending price action could be a corrective wave 4 that can continue slightly down to $0.056.
Failing to maintain above this level could invalidate the possibility of a starting five-wave impulse, but if a bounce is made, another higher high to $0.068 will confirm this outlook.
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As we previously saw the price maintaining the same low – Aug. 5 and Sept. 6 match—to expect the starting bull phase, we need to see a higher one established.
If that comes after the first five-wave impulse develops fully, we will have the starting count of a higher-degree impulse wave.
Should HBAR present this count, our next likely target will be at its horizontal resistance of $0.090.
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