Hedera (HBAR) Climbs to Yearly High, Gains Likely After Correction

Hedera (HBAR) has soared to a yearly high, jumping from $0.041 to $0.26. This surge follows a long corrective phase, signaling the potential for more gains ahead. Although a brief pause or price correction could happen soon, the overall trend remains strong. Here’s a closer look at HBAR’s current price action and what might come next.

Bullish Momentum and Elliott Wave Structure

After months of consolidation, HBAR broke through resistance and surged sharply. This rally marks the end of wave (3) in an Elliott Wave pattern. HBAR’s price hit $0.26, fitting well within the expected bullish pattern. 

The price movement also reached the 1.618 Fibonacci extension, confirming strong momentum behind the rally. This suggests that the trend could continue. However, a brief consolidation or pullback may occur before the next move higher.

Short-Term Correction Likely

The Relative Strength Index (RSI) for HBAR is now in overbought territory, which often signals a correction. A temporary cooling-off period would allow the market to catch up and set up for further growth. 

As long as HBAR stays above key support levels, the long-term bullish trend should remain intact. Fibonacci targets for wave (5) suggest a price of $0.31 in the future. 

However, before reaching that, HBAR is likely to consolidate sideways. The overall outlook for HBAR remains positive, with more potential gains ahead, provided it holds above crucial support zones.