HBAR Price Poised for Rebound Despite Declining Metrics
HBAR price has formed several bullish patterns, suggesting a potential rebound.Despite weakening metrics in the decentralized finance sector, the price is showing signs of strength.
hedera (HBAR) was trading at $0.2286 on Monday, up from its recent low of $0.2060. It’s still 25% below its year-to-date high of $0.3045.
Technical analysis reveals promising signs. The daily chart shows a double-bottom pattern at $0.1230, with a neckline at $0.2277. This indicates a strong breakout could be on the horizon. A falling wedge pattern has also emerged,consisting of two converging trendlines.This wedge is part of a broader bullish pennant pattern. It’s also in the second phase of the Elliott Wave, typically followed by a significant bullish phase. The price has settled above the 200-day Exponential Moving average, signaling bullish control. The initial target is the year-to-date high of $0.3045, about 35% above current levels. A move above this target could push it towards the January high of $0.4018, a 76% increase from current levels. These patterns point to more gains.
Key bullish patterns include:
- A double-bottom pattern at $0.1230.
- A falling wedge pattern, part of a broader bullish pennant.
- Settlement above the 200-day Exponential Moving Average.
However,Hedera’s metrics are deteriorating. DeFi Llama data shows declining DEX protocol volume and total value locked. Stablecoin amounts on the network have also fluctuated. These factors suggest network activity isn’t improving.
Despite these challenges, the technicals remain strong. HBAR price could see significant gains if it breaks above key resistance levels.
