Hedera (HBAR) Price Bounces Back 9% After Sharp Decline, New Uptrend May Be Forming

Key Takeaways

• HBAR’s uptrend began after a prolonged consolidation phase.
• The recent spike suggests a continuation of bullish momentum.
• Targeted correction to $0.048 could precede a stronger uptrend.

Since reaching its all-time high of $0.58 in September 2021, Hedera (HBAR) has faced a prolonged downtrend, eventually bottoming out at $0.036 in early 2023.

After consolidating through most of the year, HBAR started an uptrend in October, with a recent spike to $0.072 on November 12. This suggests the potential for continued upside despite recent corrections.

HBAR Price Analysis

Since reaching its all-time high of $0.58 in September 2021, the price of HBAR has been in a prolonged bear market. It eventually hit a low of $0.036 on Jan. 1, 2023 — a level last seen before its previous bull run.

After this low, HBAR moved sideways, consolidating until October, when the first signs of an uptrend emerged, pushing the price to $0.14 on March 17, 2024.

This high marks HBAR’s strongest level since May 2022, potentially beginning a new five-wave bullish impulse. Though a correction followed, HBAR has revisited its horizontal support zone, creating some uncertainty about the strength of this bullish phase.

With rebounds from the support in August and September and an oversold RSI on the daily chart, there was a strong indication that a bounce might cause a bullish reversal. 

On Nov. 4, HBAR retested the upper level of the horizontal zone, falling to a low of $0.041. This concluded the downtrend since April 23, and a new uptrend began.

On Nov. 12, it spiked to a high of $0.072 but quickly fell to $0.056 the next day. It now sits 9% higher than yesterday, suggesting a possible uptrend continuation.  

HBAR Price Prediction

The hourly chart shows HBAR likely concluded its first five-wave pattern until its recent spike. The sharp downturn is counted as the first sub-wave of the corrective ABC, with the proceeding recovery being the developing B wave. 

As such, it still has slightly more room for the upside but doesn’t have the potential to exceed its prior high.

Instead, we will likely see another sharp downturn for the C wave to conclude the corrective sequence. 

Its target depends on the height of the developing B wave, but it should make a lower low to 0.786 Fib level.

After HBAR finishes this correction, it could be ready to continue the upward movement with stronger momentum. HBAR could reach $0.1 on its next high.