Hedera Hashgraph (HBAR) crashes after new ATH, what’s next?

The Hedera Hashgraph (HBAR) has fallen since it hit an all-time high of $ 0.583 on September 16.

Despite the decline, the token is still trading above the horizontal support and the ascending support line.

Long-term outlook

For the week of September 13-20, the HBAR hit a new all-time high of $ 0.583. However, it created a shooting star candle in the same week and has fallen since then.

Despite the decline, the token is still trading above the support zone. While the zone of support cannot be pinpointed due to the many wicks underneath, it is generally around $ 0.33 to $ 0.38.

Additionally, the technical indicators are still bullish on the weekly timeframe. MACD and RSI are both rising, the former is in positive territory while the latter is above 50.

Weekly HBAR / USDT Chart | Source: TradingView

Trader @CredibleCrypto has outlined the HBAR chart, indicating that the token is holding above a long-term support area. This area coincides with the one we have outlined.

The source: Twitter

Future movement

The daily chart also offers a more bullish picture.

On August 27, the HBAR broke out over a descending parallel channel that had been in place since the previous all-time high.

The price then confirmed it as support (green symbol), along with an ascending support line that has been in place since July 20th.

The decline that followed the all-time high on September 16 put the token back on that ascending support line, which coincides with the 0.618 fib retracement support at $ 0.35.

Therefore, the price should rebound from current levels even though RSI and MACD are neutral.

Daily HBAR / USDT Chart | Source: TradingView

Count waves

The most likely wavenumber indicates that HBAR is on the fifth wave of a bullish impulse confirmed via the parallel channel after the breakout.

The most likely target for the top of this move is between $ 0.60 and $ 0.64. The target is found with the lengths of waves 1-3 (orange) and the external fib retracement level of 1.61 (black).

The current all-time high of $ 0.574 remains well below that target. Also, since the indicators are bullish from the daily timeframe, it makes sense for the token to initiate and reach another upward movement.

However, it looks like the uptrend is coming to an end.

HBAR / USDT 3-day chart | Source: TradingView

You can see HBAR prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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