Analysis
Hedera Hashgraph (HBAR) develops bullish divergence when trading inside a descending wedge
The Hedera Hashgraph (HBAR) has been consolidating since December and has started generating bullish reversal signals.
Weekly Outlook
The Hedera Hashgraph has been falling since hitting an all-time high of $0.57 on Sept. 16.
The downside led to a low of $0.187 on Feb. 24. Measured against an all-time high, that represents a drop of nearly 64%.
Technical indicators are neutral and trending down.
Both the RSI and MACD are falling. While the RSI is currently below the 50 level, the MACD has not entered negative territory yet. When this happens, it is a strong sign that the trend is down.
Weekly HBAR/USDT Chart | Source: TradingView
Bullish pattern
Despite the bearish bearish signal on the weekly timeframe, the daily chart is looking more bullish as HBAR has been trading within a descending wedge since December 4th. Therefore, a break above the pattern would be the most likely scenario.
Additionally, both the MACD and the RSI produced significant bullish divergences (green line). Such events often herald an upward trend reversal.
If there is a breakout of the pattern, the next resistance will be $0.33. This target is both a horizontal resistance area and retracement resistance at 0.382 Fib.
Daily HBAR/USDT chart | Source: TradingView
Count waves
Trader @24kcrypto tweeted an HBAR chart showing the price correction within the fourth wave.
Source: Twitter
It looks like the pullback from the all-time high is an ABC correction (white), with waves A and C in an exact 1:1 ratio.
The number of partial waves is shown in black and we can see that wave C has evolved into a finished crossover. Such a formation is usually followed by a strong and rapid movement in the other direction.
Therefore, the wave number supports the signals from the daily technical indicators and indicates that a breakout of the HBAR above the wedge is the most likely scenario.
Daily HBAR/USDT chart | Source: TradingView
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
Join CoinCu Telegram to keep track of news:Â https://t.me/coincunews
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Analysis
Hedera Hashgraph (HBAR) develops bullish divergence when trading inside a descending wedge
The Hedera Hashgraph (HBAR) has been consolidating since December and has started generating bullish reversal signals.
Weekly Outlook
The Hedera Hashgraph has been falling since hitting an all-time high of $0.57 on Sept. 16.
The downside led to a low of $0.187 on Feb. 24. Measured against an all-time high, that represents a drop of nearly 64%.
Technical indicators are neutral and trending down.
Both the RSI and MACD are falling. While the RSI is currently below the 50 level, the MACD has not entered negative territory yet. When this happens, it is a strong sign that the trend is down.
Weekly HBAR/USDT Chart | Source: TradingView
Bullish pattern
Despite the bearish bearish signal on the weekly timeframe, the daily chart is looking more bullish as HBAR has been trading within a descending wedge since December 4th. Therefore, a break above the pattern would be the most likely scenario.
Additionally, both the MACD and the RSI produced significant bullish divergences (green line). Such events often herald an upward trend reversal.
If there is a breakout of the pattern, the next resistance will be $0.33. This target is both a horizontal resistance area and retracement resistance at 0.382 Fib.
Daily HBAR/USDT chart | Source: TradingView
Count waves
Trader @24kcrypto tweeted an HBAR chart showing the price correction within the fourth wave.
Source: Twitter
It looks like the pullback from the all-time high is an ABC correction (white), with waves A and C in an exact 1:1 ratio.
The number of partial waves is shown in black and we can see that wave C has evolved into a finished crossover. Such a formation is usually followed by a strong and rapid movement in the other direction.
Therefore, the wave number supports the signals from the daily technical indicators and indicates that a breakout of the HBAR above the wedge is the most likely scenario.
Daily HBAR/USDT chart | Source: TradingView
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
Join CoinCu Telegram to keep track of news:Â https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
