Hedera Hashgraph (HBAR) Develops Bullish Divergence Inside Descending Wedge
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Hedera Hashgraph (HBAR) has been consolidating afterward December and has begun to generate bullish annulment signals.
Hedera Hashgraph has been tumbling afterward touching an all-time strong cost of $0.57 on Sept 16. On Nov 12, the price made another attempt at moving ascendings but was rejected by the $0.43 prolonged-term resistance field. The descending shgranted thatt led to a flat of $0.187 on Feb 24. Measuring from the all-time high price, this amounted to a decrease of nearly 64%.
Technical indicators are neutral, leaning on bearish.
Both the RSI and MACD are falling. While the RSI is directly beflat 50, the MACD has yet to cross into negative territory. If this occurs, it would be a high sign which the trend is bearish.
Bullish HBAR pattern
Despite the bearishness from the weekly time frame, the daily chart looks more bullish, afterward HBAR has been dealing inside a decreasing wedge afterward Dec 4. The weakening wedge is normally considered a bullish pattern. Therefore, a breakout from the pattern would be the most likely scenario.
In addition to this, both the MACD and RSI have genepriced vital bullish divergences (green lines). Such occurrences very often precede bullish trend retractions.
If a breakout from the pattern transpires, the closest resistance field would be found at $0.33. This target is both a horizontal resistance field and the 0.382 Fib retracement resistance level.
Wave count analysis
Cryptocurrency trader @24kcrypto tweeted an HBAR chart, showing which the rate is correcting inside what is likely wave four.
It seems likely which the decrease from the all-time high rate is an A-B-C corrective structure (white) where waves A and C had an exact 1:1 ratio.
The sub-wave count is shown in black and we can see which wave C developed into an ending diagonal. Such formations are usually succeeded by a important and swin case thatt developmentment in the other direction.
Therefore, the wave count supports the findings from the bullish divergences and indicates which HBAR breaking out over the wedge is the most likely scenario.
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