- HBAR is at a critical point, possibly breaking out after a period of consolidation and key Fibonacci levels.
- With key targets of $0.584, $1.251, and $3.296, HBAR shows strong upward momentum into 2024.
- The symmetrical triangle pattern indicates a potential upside, supported by a low Stochastic RSI and bullish EMA.
Hedera Hashgraph has been showing strong price growth recently, hinting at a possible big move upward. The price chart highlights some key patterns, backed by technical analysis and market trends. As of December 2024, HBAR is in a critical stage that may soon witness a significant rise. However, while traders wait for something to trigger the next big rise, the price may move sideways in the short term.
Fibonacci Levels and Price Targets
The long-term chart for HBAR indicates a major recovery since 2020. The price went through a steep decline, eventually stabilizing in 2021. The "Equilibrium" zone, around the 0.296 mark, marks a balance between upward and downward price movements. HBAR has recently broken past this level and is targeting higher Fibonacci extensions.
Source: Egrag crypto
The current price targets for HBAR are 0.584, 1.251, and 3.296. These levels represent key Fibonacci extensions based on previous price actions. The current upward momentum appears strong, as the market seems poised to continue toward these levels. With a solid price move observed in 2023, the market may enter a period of accelerated growth heading into 2024 and beyond.
Symmetrical Triangle Formation and Consolidation
Looking at the 4-hour chart, HBAR's price is currently forming a symmetrical triangle pattern. This pattern is marked by converging trendlines, indicating consolidation. The HBAR has oscillated between important resistance and support levels during this time. Despite the robust rising trend, the recent lower price action indicates a conflict between bulls and bears.
Spikes are visible in volume analysis, especially during the initial rise. However since the price entered the consolidation phase, the volume has decreased. The 50-period Exponential Moving Average continues to show a positive trend in spite of the sideways movement. This indicates that after the triangle resolves, HBAR will be in a position to push higher in the medium term.
Source: CryptoRank
Stochastic RSI Indicates Potential Upside
Furthermore, the Stochastic RSI indicator at the bottom of the chart reveals a reading of 9.39. This suggests that HBAR may be oversold, presenting an opportunity for buyers to enter. The Stochastic RSI’s positioning shows potential upward momentum in the near future. If the current consolidation phase breaks to the upside, HBAR could reach its target of $2.10, with even higher levels possible.
The post Symmetrical Patterns and Fibonacci Targets Point to Explosive Growth Potential, HBAR’s Big Move Ahead? appeared first on Crypto News Land.