In the ever-evolving landscape of cryptocurrency markets, where volatility is the only constant, keen insights from technical analysis provide a beacon for potential price trajectories. One such insight comes from Egrag Crypto, a technical analyst known for precision in chart pattern identification. The latest update reveals a double bottom pattern formation on Hedera Hashgraph’s (HBAR) chart, signaling a possible bullish future for the digital asset.
The technical analysis indicates a classic ‘W’ shape on HBAR’s chart, heralded as the ‘double bottom’ pattern. This pattern is considered a bullish reversal indicator, often marking the cessation of a downward price movement and hinting at a positive upswing. It serves as a hint to market observers that the asset could be gearing up for a rally.
Egrag’s HBAR chart delineates crucial resistance levels at approximately $0.35 and $0.45—thresholds where selling pressure has historically impeded price ascents. Conversely, the support level is discernible at roughly $0.072, a juncture where downward price action has found a rebounding force, reinforcing the double bottom pattern’s significance.
A projected uptrend is visually represented by an upward green arrow, with analysts targeting the $0.45 mark as the potential high point. This price projection aligns with the aforementioned resistance level, underpinning expectations of an upward price momentum following the pattern’s completion.
Adding to the analysis are Fibonacci retracement levels, a tool derived from the eponymous mathematician’s sequence, which is instrumental in forecasting asset price movements. While specific levels are not distinctly marked on the provided chart, they typically span from 23.6% to 78.6% and serve as critical markers for price corrections or reversals.
The time frame for this technical scrutiny extends from September 2021 to May 2025, underscoring a long-term outlook for HBAR’s price evolution. It’s accompanied by a standard disclaimer, asserting the analytical stance of Egrag Crypto without promoting any investment actions. Notably, during this press, HBAR is changing hands at $0.1011 today, a -10.17% price decline in the last 24 hours and a -20.65% price decline in the past 7 days.
