What Lies Ahead for Hedera | Credit: Veronica Cestari
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Key Takeaways
Hedera (HBAR) broke out from a short-term diagonal resistance.
The HBAR price follows a long-term descending resistance trend line.
Can HBAR break out from its long-term resistance and move to new highs?
Hedera (HBAR) fell after its July cycle high but has recently shown signs that its correction is over.
This week, the Hedera price broke out from a confluence of short-term resistances and validated them as support.
If this is the beginning of a new upward movement, the HBAR price could hit a new all-time high before the end of the year.
Let’s examine some charts and see how likely that is.
Hedera Breakout
Hedera’s price decreased under a diagonal resistance since reaching a high of $0.305 on July 27.
The downward movement led to a low of $0.210 on Sept. 4, triggering a breakdown below the $0.235 support level.
Despite the decline below horizontal support, the HBAR price did not break down further.
On the contrary, Hedera reclaimed the $0.235 area and validated it as support on Sept. 15 (green icon).
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Momentum indicators are also bullish. The Relative Strength Index (RSI) is above 50 while the Moving Average Convergence/Divergence (MACD) is positive.
On top of their bullish readings, the RSI and MACD broke out from their diagonal resistances.
If the upward movement continues, the next closest resistance area will be $0.280.
Why is Hedera Going Up?
According to the wave count, Hedera has completed a W-X-Y correction (red) and has reached its bottom.
Waves W and Y had nearly the same length, and so did sub-waves A and C (black) in wave Y.
So, the wave count aligns with the price action and suggests that the Hedera price has already bottomed.
The main resistance area is at $0.280. The reaction once the HBAR price reaches that level will be key to determining what happens next.
If the Hedera wave count transpires as expected, HBAR will reach a high of $0.365, hitting the 1.61 external Fibonacci retracement level of the most recent drop.
Long-Term Hedera Prediction
In the long-term, the HBAR price has fallen under a diagonal resistance trend line since its all-time high of 2021.
So far, the resistance has existed for 1,463 days, causing multiple rejections.
Today, Hedera’s resistance coincides with the short-term horizontal level of $0.280.
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.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
