HBAR FALLING WEDGE PATTERN!
2024-12-23
Category: None

Key Observations:
Descending Wedge Pattern:

The price is forming a descending wedge, typically a bullish reversal pattern.
A breakout above the upper trendline would confirm the bullish bias.
Buy Zone:

Highlighted near $0.25259–$0.26526, aligning with the lower wedge support and close to the 200 EMA.
This zone is where buyers might step in for potential upside momentum.
Resistance Levels:

$0.31188, $0.33247, and $0.39109 are key resistance levels.
These are likely profit-taking zones if the breakout occurs.
200 EMA Support:

The price is trading near the 200 EMA, providing dynamic support at $0.23831.
Oscillators:

The ChartPrime oscillator shows bullish signals at the bottom, indicating the possibility of upward momentum building.
Potential Scenarios:
Bullish:
If the price breaks above the wedge, the next targets could be:
$0.31188 (first target)
$0.33247 (second target)
$0.39109 (final target)
Volume confirmation is crucial to validate the breakout.
Bearish:
If the price breaks below the wedge and loses the $0.25259 support, it might retest the $0.23831 EMA or lower.
Trade Strategy:
Entry: Near the $0.25259–$0.26526 buy zone for a safer entry.
Stop Loss: Below $0.25259, to avoid risk if the pattern fails.
Targets:
TP1: $0.31188
TP2: $0.33247
TP3: $0.39109
This setup aligns with a high-risk-to-reward ratio due to the descending wedge structure.