In today’s video by More Crypto Online, a popular technical analysis channel with nearly 300,000 subscribers, the creator breaks down what’s happening with Hedera Hashgraph (HBAR) and where it could be headed next. Using Fibonacci tools and Elliott Wave Theory, the video presents a compelling case for why traders should brace for one more move downward before the market potentially turns around.
The HBAR price recently ran into strong resistance between $0.206 and $0.223. This rejection didn’t come as a surprise. According to the analyst, this resistance zone was defined by a set of key Fibonacci retracement levels – technical markers that often signal where prices might pause or reverse. Many cryptocurrencies have shown similar behavior recently, and HBAR followed suit by pulling back after its rally.
What makes this pullback interesting is how well it aligns with a classic A-B-C correction pattern. In this scenario, the initial A-wave dropped to a low on May 19, followed by a B-wave bounce. Now, the chart appears to be entering the final leg: the C-wave. These kinds of corrective waves are common and typically symmetrical, meaning the C-wave often mirrors the A-wave in length and behavior.
To pinpoint where this C-wave could land, the analyst used a trend-based Fibonacci extension tool. This measures the length of the first drop and projects it from the top of the B-wave. The result? A likely support zone between $0.1688 and $0.147. This “confluence zone” matches up with multiple Fibonacci levels, making it a high-probability area for a potential price reversal.
Still, nothing in crypto is guaranteed. If HBAR were to break above its last swing high – currently sitting just above the $0.223 level – it could invalidate the bearish scenario entirely. That kind of breakout would signal that the bulls are back in control and that the correction might already be complete.
For now, though, the structure points to one more move down before things potentially turn around. As always, traders are advised to stay alert and watch these key levels closely. Whether you’re a long-term believer in Hedera or a short-term trader looking for opportunities, this Fibonacci roadmap offers a clear picture of where HBAR might be headed next.
Read also: Hedera (HBAR) to $1? Top Analyst Explains When and How It Could Happen
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