In a recent analysis shared on the X platform, Egrag Crypto provided an update on Hedera Hashgraph (HBAR) and its potential price movements, focusing on the ADAM & EVE formation and Elliott Wave theory. Egrag Crypto’s analysis revolves around the ADAM & EVE formation, a popular chart pattern in technical analysis.
According to Egrag, the targets for HBAR within this formation range from $0.25 to $0.30, specifically aligning with the Fibonacci retracement levels of 0.702 to 0.786. This suggests a potential bullish phase if the pattern unfolds as predicted. The formation indicates a period of consolidation followed by a significant price increase, providing a bullish outlook for HBAR in the near term.
The analysis further incorporates Elliott Wave theory to project HBAR’s price movements across five distinct waves. The first wave targets a price range of $0.25 to $0.30, aligning with the ADAM & EVE formation targets. Following this, the second wave is anticipated to be a corrective phase, with the price potentially dropping to between $0.15 and $0.20. The third wave is expected to be a strong bullish wave, driving the price up to between $1 and $1.20. The fourth wave involves a moderate correction, with price levels projected between $0.50 and $0.60. Finally, the fifth wave is projected to be the most bullish, with prices potentially soaring to between $1.8 and $3.
HBAR has experienced varied price movements over the past few years, marked by distinct phases of volatility and consolidation. From early 2020 to mid-2021, this period was characterized by low volatility, with HBAR trading below the $0.10 mark, indicating a consolidation phase. Late 2021 to early 2022 saw HBAR witness significant upward movement, breaking above the $0.50 mark, driven by increased trading volume and investor interest. As of the latest data, HBAR’s price stands at $0.1139.
