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HBAR Hedera Hashgraph Crypto Price News Today - Price Prediction and Technical Analysis!

Introduction

Hello and welcome to another update on HBAR, the native cryptocurrency of Hedera Hashgraph! As of now, HBAR is trading within a range defined by the previous swing highs that formed on Tuesday, December 3rd, and the 50% Fibonacci retracement of the current Wave 4. The speculation from yesterday was that Wave 4 may have already bottomed, and I presented two micro-structures that led to the possibility that we were beginning the breakout into Wave 5. While it certainly appeared that way, clarity on this matter is still needed.

Current Market Structure

If indeed we are in Wave 5, we are likely still experiencing the second sub-wave of this Wave. It appears to me as though we are witnessing a three-wave move that resembles an ending diagonal formation. Alternatively, this could also have been a "B" wave top, given the characteristics observed. The peak we experienced seems more aligned with the behavior of a "B" wave, indicating a five-wave move upward, fitting within a larger B wave context.

Despite this uncertainty, I emphasized the importance of our support zone, which offered a strong reaction recently. There is a distinct possibility that Wave 4 has already reached its bottom, leading us to consider a breakout scenario. The resulting upward momentum has been commendable, with a 20-25% increase from the upper boundary of our support zone. But, an actual breakout has yet to occur.

Recent Price Movement

Most recently, HBAR experienced a low around 27 cents, peaking at 38 cents, which was a notable move within a single day. However, the anticipated breakout has been hindered by the ongoing weakness in Bitcoin, resulting in typical sideways consolidation over the weekend. At present, it appears we may be on the verge of retesting our support zone, which presents no immediate cause for concern; instead, it could represent another entry opportunity.

As I previously indicated, my analysis suggests we have hit the top of Blue Wave B, and we are now retracing into the support area. This action is part of a larger WXY structure morphing into Wave 4. If Wave 4 has indeed found its bottom, we would then want to avoid breaking below the low established last Friday.

Possible Outcomes

Given the location of our previous top, my assumption is that the Blue Wave 4 is unfolding, offering another opportunity for those who either missed an entry before or wish to reposition themselves. Currently, there's no clear signal for a downward trend, though, according to the micro-structure, we might see prices dip slightly lower if this is, in fact, the Blue Sea Wave down.

There are key resistance levels to monitor between 34.4 cents and 36.5 cents. If HBAR breaks above 36.5 cents, it would suggest we might be entering a direct breakout, as Wave 2 generally shouldn't exceed this level. At this point, we need to keep in mind that while other outcomes should not be entirely ruled out, the probabilities start to align more closely towards a direct breakout from this juncture.

The ongoing dynamics indicate that as long as we hold above the crucial 23-cent support, we remain on track for upward momentum in the ongoing Wave 5. Thus far, we've seen some responsive action at our support zone, yet a proper breakout remains pending.

Price Targets

If further upside momentum does materialize, key levels to watch will be 47 cents and 64 cents.

In conclusion, this technical analysis provides a comprehensive overview of HBAR's current positioning. For continued updates, please ensure you like, comment, and subscribe to our channel! Follow us on Instagram and Twitter for additional content.

Keywords

  • HBAR
  • Hedera Hashgraph
  • Price Prediction
  • Technical Analysis
  • Fibonacci Retracement
  • Wave 4
  • Wave 5
  • Support Zone
  • Breakout
  • Price Targets

FAQ

1. What is the current state of HBAR's price?
HBAR is trading within a range defined by swing highs and the 50% Fibonacci retracement of Wave 4.

2. What are the key levels to watch for HBAR?
Key resistance levels are between 34.4 cents and 36.5 cents, with price targets at 47 cents and 64 cents.

3. Is HBAR currently in a bullish or bearish trend?
As long as HBAR holds above the crucial support level of 23 cents, it remains in a bullish short-term scenario.

4. What was the recent price movement for HBAR?
HBAR experienced a low of 27 cents and rallied to 38 cents recently, showcasing a notable price increase.

5. How does Bitcoin’s performance affect HBAR?
Weakness in Bitcoin has led to sideways consolidation in HBAR, affecting the anticipated breakout levels.

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