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Hedera Hashgraph (HBAR) Develops Bullish Divergence Inside Descending Wedge

The Hedera Hashgraph (HBAR) has been consolidating since December and has started to generate bullish reversal signals.

The Hedera Hashgraph has been falling since hitting an all-time high of $0.57 on Sept. On November 12, the price made another attempt to rally but was rejected by the $0.43 long-term resistance area. The downward move led to a low of $0.187 on Feb 24. Measuring from the all-time high price, this represented a drop of nearly 64%.

Technical indicators are neutral, sloping to the downside.

Both the RSI and MACD are falling. While the RSI is currently below 50, the MACD has yet to enter negative territory. If this occurs, it would be a strong sign that the trend is down.

High HBAR Standard

Despite the weekly time low, the daily chart looks more bullish as the HBAR has been trading inside a descending wedge since the 4th of December. The descending wedge is normally considered a bullish pattern. Therefore, a breakout of the pattern would be the most likely scenario.

Furthermore, both the MACD and RSI generated significant bullish divergences (green lines). Such occurrences often precede uptrend reversals.

If a breakout of the pattern occurs, the closest resistance area would be found at $0.33. This target is a horizontal resistance area and the 0.382 Fib retracement resistance level.

Wave count analysis

Cryptocurrency Trader @24kcrypto tweeted an HBAR chart, showing that the price is correcting within what is likely the fourth wave.

It seems likely that the all-time high price drop is an ABC (white) corrective structure, where waves A and C had an exact 1:1 ratio.

The subwave count is shown in black and we can see that wave C has developed into a final diagonal. These formations are usually followed by a significant and rapid movement in the other direction.

Therefore, the wave count supports the findings of the bullish divergences and indicates that the HBAR bursting above the wedge is the most likely scenario.

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I am CBC, I am a Crypto expert and a part-time blogger. I usually write about how and where to buy crypto coins in legit ways.

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