This Chart Pattern can Pull Hedera Price Out of Uncertainty and Trigger a 55% Move

30 April 2023

in HBAR

Reading Time: 2 mins read

HBAR Price Prediction: The hedera coin price in a correction phase for the past two months shows the formation of a symmetrical triangle pattern. In theory, this pattern is a continuation setup that may offer a short break before resuming the prevailing uptrend. Here’s how interested trades may trade this pattern to grab the upcoming recovery rally.

Key Points:

The space between the triangle pattern is narrowed enough to consider a no-trading zone
A breakout from either trendline of the triangle pattern is needed to trigger a direction move
The intraday trading volume in the HBAR coin is $204.5 Million, indicating a 104% gain.

Source-Tradingview

Under the influence of the symmetrical triangle pattern, the Hedera price spread is narrowing within two converging trendlines. The price has reached nearly the peak of the triangle and is poised for a breakout move.

With a higher possibility, a breakout above the overhead trendline will signal the continuation of the prior uptrend. A daily candle closing above the trendline will offer buyers a strong launchpad to jump higher.

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The potential rally may surge the altcoin to $0.07, $0.079, or $0.1 recording a max gain of 55%.

On a contrary note, a breakdown below the pattern’s support trendline could worsen the situation for HBAR. This breakdown may also plunge the coin price below the 61.8% Fibonacci retracement level and accelerate the selling pressure.

Technical Indicator

Moving Average Convergence Divergence: the MACD(blue) and signal(orange) slope wavering around the midline indicates indecisiveness among market participants.

Exponential Moving Average: The 100-and-200-day EMA slope above the HBAR reflects the market sentiment is bearish.