In this analysis of HBAR, the potential for a five-wave move to the upside is discussed, although confidence in this prediction remains low. The analysis is based on corrective structures with a B-wave low in 2022, followed by an ABC structure that may have formed wave 1. This optimistic outlook could be invalidated if a larger wave two is still unfolding, which might lead to a significant decline.
Key Points:
Current Support Levels: HBAR is holding support at 7.1 cents, 6 cents, and 4.8 cents. A reaction at these levels will be crucial for the next potential rally.
Potential Rally: If the current support holds, the next rally could push HBAR to around 44 cents. A breakout above the current trend line could be an early indication of this rally.
Wedge Pattern: There is a possible wedge pattern forming, which could lead to a breakout. However, caution is advised due to the high B-wave from a previous news event, which means the C-wave might not necessarily end below wave A.
Downside Risks: If HBAR breaks below the current support levels, particularly 6 cents and 4.8 cents, further downside is expected. This could invalidate the optimistic wave count.
Long-Term Outlook:
Wave Count Adjustments: The long-term chart indicates that the current price movement is part of a larger ABC structure. If the support levels hold, the next rally (potentially a third wave) could target 44 cents. Subsequent waves could push HBAR higher, possibly to 93 cents.
Bearish Alternative: If HBAR fails to hold the 4.8 cents support level, the bearish alternative suggests a potential fifth wave down, leading to further declines.
In summary, while there is potential for an upward move in HBAR, the analysis highlights the importance of key support levels and the need for cautious trading. Monitoring these levels will be crucial for predicting future price movements