Bittime - Hedera (HBAR) has been one of the best performers among large-cap cryptocurrencies, showing strong momentum despite the general market correction.
However, the recent price decline begs the question: is the rally over, or is this just a temporary lull?
The following analysis reviews HBAR's price movement, key resistance and support levels, and future prospects for this cryptocurrency.
HBAR Price Prediction: Impressive Rally and Critical Resistance
HBAR's rally since early November has been incredible, with the price surging more than 820% to reach a peak of $0.392 on December 3. This explosive growth was supported by a breakout above the ascending resistance trendline and the $0.246 horizontal resistance area.
However, despite the bullish momentum, HBAR faced significant rejection at the $0.374 level—a horizontal resistance area that also coincides with the 0.618 Fibonacci retracement level. This rejection marked the beginning of a decline, with the price dropping by 40% from its peak.
Currently, HBAR is trading in a range between $0.246 (support) and $0.374 (resistance), with technical indicators still showing bullish potential.
Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) remain above the bullish threshold, indicating a possible retest of the range high and a breakout scenario.
Read also: HBAR vs XRP: Comparison of the Two Best Payment Coins
Wave Patterns and Possible Corrections
In shorter time frames, signs of correction are clear. Wave pattern analysis suggests that HBAR may have completed a five-wave upward move that started in November.
This indicates a potential A-B-C corrective pattern, with the current wave C possibly pushing the price to $0.219, the 0.5 Fibonacci retracement support level.
Additionally, the daily RSI showed a bearish divergence, and the MACD generated a bearish crossover while continuing to decline. These signals support the possibility of a short-term decline before HBAR resumes its uptrend.
Market Sentiment and External Influences
Sentiment towards HBAR remains generally positive. Analysts at
Beyond technical analysis, speculation about regulatory approvals and market developments, such as the possible launch of a cryptocurrency ETF, could be the catalyst for HBAR's next rally.
Additionally, unconfirmed rumors about future US policies involving cryptocurrencies such as HBAR and XRP in national reserves further add to optimism.
Conclusion
Although HBAR's weekly chart maintains a bullish outlook, its daily chart suggests that a short-term correction is likely before resuming its upward momentum. A drop to $0.219 could be a buying opportunity, provided the overall bullish structure remains intact.
For HBAR to confirm the end of the correction and start a new rally, a decisive breakout above the $0.374 resistance level is needed.
FAQ HBAR
What will HBAR be used for?
HBAR, or the native token of the Hedera Hashgraph network, has several main uses such as paying transaction fees, consensus mechanisms, and driving the Hedera ecosystem.
Who is the founder of HBAR?
Technically, there are no HBAR "founders" in the individual sense. Hedera Hashgraph was founded by a consortium of global companies and organizations with a vision to build a better distributed network. Some of the big names involved in establishing Hedera include Google, IBM, and Boeing.
What field does HBAR Crypto operate in?
HBAR, as the original token from Hedera, operates in various fields that utilize distributed technology, such as finance, supply chain, IoT (Internet of Things).
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Reference
Valdrin Tahiri, Hedera (HBAR) Price Strong During Correction but Downtrend May Not Be Done, accessed December 23, 2024
Coingecko, HBAR Market Price, accessed December 23, 2024
Author: SD
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