Hedera Hashgraph price hints at an upcoming plummet into price zones auctioned since 2021. A 15% decline will be imminent if the market is genuinely bearish.
Hedera Hashgraph price setting up to dive
Hedera Hashgraph price has traded range bound within a 15% range since November 7. On December 12, the bears narrowed the space even more by forging a rejection at the $0.048 level. The downswing has created the fourth consecutive swing high, three of which can be connected with a descending trend line.
HBAR price currently auctions at $0.046. The bulls have stepped in temporarily, causing a pause on an ascending trend line that has provided support on four separate occasions since November. Utilizing both trendlines, classical price action traders can easily identify a pennant formation. Statistically, pennants form during Wave three trends which means HBAR could be on its journey toward much larger targets.
Classical technical analysts often use the largest section of the coiling pennant’s range to project future targets. A bearish plunge outside the $0.043-0.048 range would create a 15% downsizing into the $0.03 target zone. HBAR has not auctioned in the aforementioned zone since October 2021.
Playing a contrarian trader’s approach could be risky based on market conditions. Still, the pennant may break out to the upside. A breach above $0.048 would be the ideal signal to consider getting involved in a bullish trade setup targeting the mid $0.05 zone. HBAR would rise by 15% if the bullish scenario materialized.