How Will HBAR Fare The Rest of the Year? | Credit: Hameem Sarwar
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Key Takeaways
Hedera (HBAR) attempts to find support above its previous resistance.
The HBAR price failed to reclaim the $0.235 area and fell below it again.
Can HBAR finally reclaim this critical support and begin an upward movement?
Hedera (HBAR) has fallen since its July cycle high.
The price showed several bullish signs by reclaiming a critical support level, but the failure to sustain the breakout raises doubts about the future trend.
Whether HBAR reclaims $0.235 or is rejected again will determine whether the trend is bullish or bearish.
Let’s examine some charts and see which future outlook is most likely.
Hedera Price Analysis
Since July 27, when it hit a high of $0.305, Hedera’s price has fallen under a diagonal resistance trend line.
The downward movement caused a breakdown from the $0.235 horizontal support area, leading to a low of $0.210 on Sept. 24.
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While the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) broke out from their diagonal resistances, they have fallen since.
The RSI is below 50, and the MACD is negative. These mixed signs cast doubt whether the Hedera prediction is bullish or bearish.
As long as Hedera trades above its previous diagonal resistance, there is hope that it will begin a bullish trend reversal.
To do so, the price has to reclaim $0.235 first.
Is Hedera’s Correction Over?
The wave count is unclear. While Hedera has completed a five-wave upward movement since June (green), the shape of the correction is unclear.
The downward movement is likely to be corrective since HBAR trades inside a descending parallel channel.
However, the exact shape of the correction remains uncertain.
The most likely is a complex W-X-Y-X-Z correction (red), in which the price completed wave Z this week.
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.
