HBAR price forecast for February drops to $0.058

Hedera Hashgraph (HBAR) price has completed a five-wave upward move and is likely to get stuck in a corrective structure.

The HBAR price has risen at an accelerated rate since the beginning of the year. In a span of 20 days, it went up by 125%, reaching a high of $0.081 on Jan 20.

The price broke the 154-day resistance line during the upward move. It then moved above the 0.5 and 0.6 Fibonacci retracement resistance levels at $0.060 and $0.066, respectively. This suggests that the upward move is not a corrective, but rather the beginning of a bullish trend reversal.

It is now expected to provide support as the 0.5 Fibonacci retracement level at $0.060 also coincides with a horizontal support area.

Hedera Hashgraph (HBAR) Daily Chart
HBAR/USDT Daily Chart. Source: TradingView

HBAR Price Prediction for February: Wave Count Predicts Correction

Short-term technical analysis on the six-hours shows that HBAR price completed a five-wave upside momentum. Therefore, this gives a bearish HBAR price forecast for February.

In this, the length of wave five was 1.61 times more than wave three. Therefore, it is quite possible that the entire upward movement has been completed.

If so, what could form an ABC corrective formation near the 0.5-0.618 Fib retracement support area (white) to conclude at $0.053-$0.058.

Conversely, a move above the $0.081 high will invalidate this bearish analysis. In that case, HBAR price will still have a bullish upside bias and could continue to rise towards $0.110.

Hedera Hashgraph (HBAR) Wave Count
HBAR/USDT six-hour chart. Source: TradingView

To conclude, most likely HBAR price analysis shows that the price will complete its correction between $0.058-0.052. After this the trend is expected to continue.

However, if HBAR price rises above $0.081, it would mean that the trend is still bearish. In that case the high would be expected near $0.110.

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