Hedera Hashgraph created by Dr. Leemon Baird and launched by Swifts, a company he co-founded, in 2016. It is a public ledger that uses the patented Hashgraph technology and is described as a non-consensus Byzantine Fault Tolerance (aBFT) consensus algorithm. The suite is capable of protecting the platform against attacks.

() is in the process of making a breakout attempt above both the horizontal and diagonal resistance levels.

HBAR chart showing Weekly Outlook

The weekly chart shows regained the $ 0.365 region after deviating below it (red circle). This is a bullish development and usually leads to significant upward movements.

Furthermore, if the current price holds until the end of the week, it will be the highest weekly close ever. It remains to be seen whether the price will hold the current levels.

hbar-but-pha

HBAR chart/ weekly | Source: TradingView

HBAR Breakthrough Possibility

HBAR has been moving up since September 21. The upward movement is contained inside an ascending parallel channel. Usually, such channels contain corrective movements. This means that the trend is down and the current rally is just a correction.

Read more  Tech billionaires are not optimistic about Web3

However, HBAR is in the upper part of the channel and is currently making its fourth breakout attempt. Even though it failed three times (red icon), the resistances get weaker each time they are touched. Therefore, it is very likely that HBAR will break out in this attempt.

Additionally, the token is in the process of moving above the $ 0.43 horizontal resistance area. If it succeeds in doing so, it is expected to break out on the channel.

Technical indicators are relatively optimistic. The MACD, created by the short-term and long-term moving averages (MA), is in the positive zone and is moving up. This means that the short-term trend is increasing at a faster rate than the long-term trend.

The RSI, which is a momentum indicator, is above 50. This is an indication that the impulse is increasing.

Therefore, technical indicators suggest the possibility of a breakout.

hbar-but-pha

HBAR chart/ Daily | Source: TradingView

Analyst @CredibleCrypto outlined the HBAR chart, indicating that the token is making another attempt to move above the $ 0.43 horizontal resistance area. He believes it will break through successfully. This coincides with the signals from the daily timeframe.

hbar-but-pha

The source: Twitter

Counting waves HBAR

The wave count shows that HBAR is in the fifth wave (orange) of a long term uptrend that started in 2020. This is the last wave before a long term correction occurs.

Read more  Blockchain Polygon launches zero-knowledge technology

Furthermore, the token has reached a high inside the target given by the 1.61 external Fib retracement level (black) and the 1:1 Fib projection of waves 1-3 (orange).

So despite the possibility of a short-term breakout, the long-term chart suggests HBAR's upside momentum will be limited, as it has already reached its first potential target for the top of the movement.

hbar-but-pha

HBAR chart/USDT 3-day frame | Source: TradingView

Join our channel to get the latest investment signals!