The breakout came with increased bullish momentum, and the price has now reclaimed the 0.618 Fib retracement level ($0.174), which had previously acted as support.
The Relative Strength Index (RSI) on the daily chart is rising but not overbought, leaving room for further upside.
A key resistance level to watch is the 0.5 Fibonacci retracement at $0.215.
This aligns with a potential resistance zone and matches the projected wave (v) end from the lower time frame impulse.
A break above this would open doors toward $0.255 (Fib 0.382), and possibly $0.306 (Fib 0.236).
Volume has picked up slightly during the recent rally, but it is still not at levels indicative of a complete bullish reversal.
However, breaking the falling wedge is a strong technical signal that the correction is likely over.
HBAR Price Prediction
The 1-hour chart presents a clear impulsive move from the bottom of April 7.
The structure appears to be midway through a five-wave Elliott impulse: waves (i), (ii), and (iii) have played out, with wave (iv) potentially underway.
Wave (iii) extended strongly, and the current pullback may retest support levels around $0.175 (also near the 0.618 Fib retracement from wave (iii)).
Shallow Correction: Wave (iv) ends near $0.175–0.172, followed by a continuation of wave (v) targeting the $0.215 level, completing the impulse.
Deeper Correction: The price will drop further, potentially testing $0.143 support (aligned with the low of April 7).
This would imply a more complex flat or triangle as the five-wave impulse ended at the ascending triangle resistance.
Given RSI divergence on the latest local high, some short-term weakness is likely. However, as long as HBAR holds above the invalidation level (~$0.143), the bullish structure remains valid.
Wave (v) completion could align with the higher timeframe resistance near $0.215 — a confluence zone that may cap the rally before consolidation or correction resumes.
Key Levels to Watch
Major Support: $0.174 (0.618 Fib), $0.143 (April 7 low/horizontal support).
Immediate Resistance: $0.215 (0.5 Fib, potential wave (v) target) $0.255 (Fib 0.382 from ATH drop).
Breakout Confirmation: Break above $0.215 with substantial volume and RSI > 70.
Invalidation Level: Dropping below $0.143 would invalidate the bullish impulse.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
