- HBAR forms a Falling Wedge, signaling a potential reversal from its recent downtrend.
- The chart suggests a bullish breakout could occur if the upper trendline is broken.
- Recent price action shows stabilizing candles, hinting at waning selling pressure in HBAR.
Hedera Hashgraph (HBAR) shows an exemplary configuration on its three-day chart. At $0.0509 right now, the price has risen to 0.47% over the past 24 hours. Additionally, HBAR gained 5.90% last week. Clifton Fx, an analyst, observed the emergence of a Falling Wedge pattern on his X platform. Notably, significant price volatility can be witnessed if the analysis is accurate.
$HBAR showing a Falling Wedge pattern on the 3D chart!
— Clifton Fx (@clifton_ideas) September 13, 2024
💡 Watch for a potential upside breakout. If confirmed, we could see a massive bullish rally 🚀.
Breakout could lead to a significant 144% move! 📈#Crypto #HBAR #Trading #Bullish #CryptoCharts #HBARUSDT #Altcoin pic.twitter.com/xYj077ObQG
Falling Wedge Construction
A falling wedge is a common chart pattern that suggests a potential trend reversal. In this pattern, the price forms a narrowing downward-sloping range. In the case of HBAR, the price has been forming a series of lower highs and lower lows, which are defined by two converging trendlines.
The lower trendline follows the lower lows, and the upper trendline links the lowest highs. The distance between these lines closes as the price approaches the tip of the wedge. This closing difference indicates a possible waning of selling pressure. Traders are closely monitoring whether HBAR breaks out from this angle.
Analyst Predicts HBAR Breakout: “Moontime” Urges Caution Against HypeBreakthrough Potential
Breaking out from this trend might drive the price of HBAR to $0.12, an increase from its level of 144%. This target is based on the breakout and is determined by measuring the height of the wedge from its highest to lowest point.
At the time of press, the price at the lower wedge is almost $0.049. Resistance falls on the top limit, between $0.065 and $0.07. Reversing this higher line will put HBAR on a path towards the $0.12 threshold.
Current Pricing Action
Smaller red candles point to a possible easing of selling pressure. The market is stabilizing and ready for a precise movement, as shown by the widening wedge. Should the price exceed the wedge, there may be a positive surge.
This action could boost sentiment and attract more buyers. However, if the price fails to break above the upper line, it may result in a downward move. The pattern would be invalidated if the price falls below the lower wedge. An increase in volume would confirm any breakout.
