Hedera Hashgraph (HBARUSDT) Analysis
Hedera Hashgraph (HBARUSDT): A Technical Breakdown and Price Analysis | February 7, 2025
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Hedera Hashgraph (HBARUSDT) Analysis
Weekly Chart
Key Points
HBAR completed a $0.3006 or 843% sharp rally in only five weeks at the $0.3922 swing high reached the week of December 2, 2024. Subsequently, second spike up to a slightly higher high triggered six weeks later and generated a new trend high of $0.4014.
Subsequently, a 61.8% Fibonacci bearish retracement completed earlier this week during a market wide selloff. Support was further confirmed by the confluence of several indicators. There was a prior spike high at $0.1382 (now support) from April 2024, the 20-week moving average at $0.1850, and a top trend channel line.
That price zone showed solid support. While at the same time, the recent highs showed strong resistance and established a bearish double top on the daily time frame.
There is possibility that HBAR revisits the $0.1817 price zone or at least heads in that direction again.
Daily Chart
Key Points
Double top breakdown triggered earlier this week on a drop below $0.2337. A quick rebound followed after hitting support at $0.1772.
Potential for further strengthening up into resistance zone established by the double top formation, followed by another drop towards recent lows.
Notice that the 20-Day MA (purple) is about to cross below the 50-Day MA (orange), another bearish sign. Together, the moving averages identify a potential resistance zone at $0.2970 to $0.2979.
Looking for a short entry at a higher price on a continuation of the bullish retracement, ideally. A secondary entry strategy will also be noted.
Trade Idea #1 - Daily Chart - SHORT (make the trade your own)
Enter SHORT on pullback to 38.2% Fibonacci retracement ($0.2629), which includes two lines, with entry at $0.2626.
Alternative: If stopped out, watched for new short entry around resistance of the moving averages, currently at $0.2970 and $0.2978. Stop would go above $0.3227, January 30 minor swing high.
Stop Loss Level:
Full Stop: $0.2785 (Above Tues., Feb. 4 high of $0.2783)
Trailing Stop. Once in profits and approaching the initial target, use a trailing stop.
Take-Profit Targets:
Take-Profit Target 1 (TP1): $0.1820
Targets prior strong support zone from $0.1772 to $0.1756.
Reward: $0.0806
R:R: 5.1
Take-Profit Target 2 (TP2): $0.1445
Targets 200-day MA, currently at $0.1441.
Reward: $0.1181
R:R: 7.4
Trade Idea #2 - Daily Chart - SHORT (make the trade your own)
More aggressive entry as chance of being stopped out during short-term strength increases. But the possibility to short at a higher entry price may not occur and this setup provides a way to participate, if desired.
Enter SHORT on drop below the four-day low of $0.2264, at $0.2260.
Stop Loss Level:
Full Stop: $0.2484 (Above Friday’s high. Also resistance area from 20-period moving average on 4-hour chart.)
Take-Profit Targets:
Targets are the same as Trade Idea #1.
Take-Profit Target 1 (TP1): $0.1820
Strong support zone and recent lows.
Reward: $0.0440
R:R: 2.0 (Note, the lower RR)
Take-Profit Target 2 (TP2): $0.1445
Targets 200-Day MA.
Reward: $0.0815
R:R: 3.4
Sentiment Rating & Signals
Thank you for reading! If you have any questions, comments, or feedback leave a comment below.
This information is for educational purposes only. Nothing written, expressed, or implied here should be looked at as investment advice or an admonition to buy, sell, or trade any security or financial instrument. As always, do your own diligence.