Hedera Price Shows Promising Signs Amid Crypto Market Rebound
On Wednesday, Oct. 1, HederaS price saw a slight uptick to $0.2200, recovering from its September low of $0.2050. This movement aligns with the broader crypto market’s rebound and anticipation for the upcoming crypto ETF season.
Technical analysis reveals a positive outlook for Hedera (HBAR). The daily chart shows a double-bottom pattern at $0.2050, with a neckline at $0.2552.This suggests a potential bullish breakout.
Additionally, the token has formed a falling wedge pattern, part of the second phase of the Elliott Wave pattern. This phase typically precedes a strong bullish trend. The first target is the year-to-date high of $0.3065, a 40% increase from its current level. A move above this point could signal further gains, possibly reaching last November’s peak at $0.4000.
Key points include:
- A double-bottom pattern at $0.2050.
- A falling wedge pattern, indicating a potential bullish breakout.
- The coin is in the second phase of the Elliott Wave pattern, suggesting a strong bullish phase ahead.
Eric Balchunas,a senior ETF analyst at Bloomberg,believes the crypto ETF season is imminent. The SEC is reviewing over 70 applications, including the Grayscale Hedera ETF.Approval could boost HBAR’s price as it attracts more American investors.
However, if HBAR drops below $0.2050, the bullish forecast may become invalid. Investors are optimistic about the ETF approval, which could drive demand and push the price higher.
For more insights, visit crypto.news.
