HBAR Price Faces Bearish correction, But Bullish signs Emerge
The HBAR price has taken a hit, falling by 30% from it’s year-to-date high.This decline has pushed the token into a bear market. Though, there are signs that suggest a potential rebound.
Technical analysis reveals that HBAR is currently in the second phase of the Elliot Wave pattern. This phase is marked by a pullback, which is typically between 50% and 61.8% of the first phase’s rise. The first phase saw HBAR climb from $0.1265 to $0.3047.
Following this pullback, the third wave is expected to be the longest. It could potentially push HBAR to its last year’s high of $0.40, an 85% increase from its current level.
HBAR has also formed a bullish flag pattern, which often leads to a strong bullish breakout. This pattern is characterized by a vertical line followed by a descending channel, resembling a hoisted flag.
Another positive sign is that HBAR remains above the 100-day Exponential Moving Average, indicating that bulls are still in control.
HBAR could also benefit from the growth of stablecoins. Data from DeFi Llama shows that the USDC supply has increased by $45 million over the last seven days, bringing its total supply to over $115 million.
Stablecoins are crucial for layer-1 and layer-2 networks. The GENIUS Act has further boosted thier importance. This growth could drive demand for HBAR.
Additionally, the Securities and Exchange Commission is considering multiple ETFs, including one for HBAR. An HBAR ETF could attract American investors, boosting the token’s price.
