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Technical Analysis

Hedera Hashgraph (HBAR) Price Destined for Brief Drop After 120% Gains

2 mins
Updated by Geraint Price
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In Brief

  • HBAR broke out from a 154 day resistance line.
  • It is trading above support at $0.06.
  • HBAR has completed a five-wave upward movement.
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The Hedera Hashgraph (HBAR) price has completed a five-wave upward movement and is likely mired in a corrective structure.

The HBAR price has increased at an accelerated rate since the beginning of the year. In a span of 20 days, it moved upward by 125%, reaching a high of $0.081 on Jan. 20.

The price broke out from a 154-day resistance line during the upward movement. Then it moved above both the 0.5 and 0.6 Fib retracement resistance levels at $0.060 and $0.066, respectively. This suggests that the upward movement is not corrective, but rather it is the beginning of a bullish trend reversal.

Since the 0.5 Fib retracement level at $0.060 also coincides with a horizontal support area, it is now expected to provide support.

Hedera Hashgraph (HBAR) Daily Chart
HBAR/USDT Daily Chart. Source: TradingView

HBAR Price Prediction for Feb: Wave Count Predicts Correction

The technical analysis from the short-term six-hour time frame shows that the HBAR price completed a five-wave upward movement. Therefore, it gives a bearish HBAR price prediction for Feb.

In it, wave five had 1.61 times the length of wave three. Therefore, it is very likely that the entire upward movement is complete. 

If so, what follows is an A-B-C corrective structure, which could end near the 0.5-0.618 Fib retracement support area (white) at $0.053-$0.058.

Conversely, an increase above the $0.081 high would invalidate this bearish analysis. In that case, the HBAR price would still be in a bullish upward movement and could increase to $0.110. 

Hedera Hashgraph (HBAR) Wave Count
HBAR/USDT Six-Hour Chart. Source: TradingView

To conclude, the most likely HBAR price analysis suggests that the price will complete its correction between $0.058-$0.052. Afterward, the continuation of the upward movement is expected.

However, in case the HBAR price increases above $0.081, it would mean that the trend is still bearish. Highs near $0.110 would be expected in that case.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing...