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The digital asset, Hedera Hashgraph, or HBAR, currently experiences a promising dip, forming a bullish Falling Wedge in the crypto market at a significant support level of $0.21. According to financial market experts, key indicators such as Volume Weighted Average Price (VWAP) and the low-end realm of a value contribute to this defense of the 21 cent mark. The result is predictions of a potential breakout, which could see the price soar to $0.30.
HBAR and the falling wedge
The crypto market recognizes the Falling Wedge chart pattern as generally bullish. At present, Hedera’s HBAR is consolidating within this structure known to usually resolve on a positive note. The key determinant in this setup is the $0.21 mark, where the significant support has converged with both the VWAP and the value area low, creating a very favourable situation.
Anticipating a breakout
With the market showing signs of a possible bullish reversal with the buyers’ continued defense of this level, predictions are rife about an ensuing breakout. This breakout, the market predicts, would herald a sharp upward trend, with the next possible resistance zone at $0.30. This expectation is further fuelled by the positive news about Hedera’s recent Depository Trust and Clearing Corporation (DTCC) ETF listing and some significant advances by the financial technology company Archax.
Key points in the HBAR pricing structure
- Strong support zone: The $0.21 mark, combined with VWAP and the value area low, produces a highly possible point for price reversal.
- Bullish falling wedge: HBAR’s pricing action is currently consolidating, potentially leading to a breakout from this pattern.
- Anticipated rise: With sufficient backing on the volume front, a potential breakout could surpass the $0.30 resistance, moving towards higher value areas.
Understanding the falling wedge pattern
A Falling Wedge pattern forms when the support and resistance lines converge, thereby squeezing the currency’s price into a small area. HBAR price currently trades near this critical point at $0.21 where the pattern typically resolves. These patterns usually carry a bullish bias, especially when associated with increased levels of buying pressure and trading volume.
Buying support remains strong
Although a confirmed breakout has yet to occur, there’s resolute support from the buyers defending the $0.21 level. This ensures the higher lows remain respected, and the broader bullish structure remains undeterred. The observed corrective actions haven’t negatively impacted the underlying trend, presenting an opportunity for re-accumulation instead.
Resistance and upward potential
At present, the next significant resistance exists at the $0.30 level, which positioned as a cap for previously encountered rallies. It will thus serve as an important determinant of possible continuation. If buyers can push past $0.30 convincingly with a healthy volume flow, it could lead to an advance towards higher value areas.
The next move in HBAR pricing
Provided the $0.21 support continues to hold, the Falling Wedge setup could persist. Should a confirmed breakout occur, backed by a healthy volume rise, it could propel the price towards the $0.30 resistance. This could potentially extend higher, positioning the market for a stronger upward price trajectory.
Remember, this article does not present any form of financial advice. All the information provided is for educational purposes only.
