In this article, we will discuss the recent price action of HBAR (Hedera Hashgraph) and speculate on its potential future movements. We will explore technical analysis on multiple timeframes, which suggest a bearish outlook.
The 1-hour chart shows that HBAR experienced a five-wave drop, followed by a potential move to the upside with resistance at the 50 EMA. However, there is a bearish perspective suggesting a deeper move, possibly forming a WX YX Z pattern. This is a common pattern in bear markets, and it could lead to a further decline in the price of HBAR.
The daily timeframe shows a coiling pattern, with a bearish structure, but potential for an upward breakout. However, the overall trend is still bearish, and the price is likely to remain below the 50 and 200 EMAs in the near term.
HBAR remains below the 50 and 200 EMAs on the weekly chart, signaling resistance at the 50 EMA at 6.72. If the price breaks above this level, it could target the 200 EMA at 11.35. However, a more likely scenario is that HBAR will continue to decline in the weeks to come.
The overall technical analysis suggests that HBAR is in a bearish trend. The price may experience some short-term bounces, but it is likely to continue to decline in the long term. Investors should exercise caution when trading HBAR at this time.
Please note that this analysis is based on technical indicators and patterns, and market conditions may change.