HBAR Price Prediction: The Falling Wedge Could Point Towards $0.26

Summary:
• The bulls need to force a bounce to complete the falling wedge and fulfill the HBAR price prediction of $0.26.

The HBAR price prediction remains unchanged without any clear-cut fundamental trigger from the last update. So far, the support bounce lacks bullish momentum, allowing the price to trade in a very tight range following that bounce. The HBAR/USDT pair is up 0.65% after Monday’s bounce on the 0.1930 support.

The lack of clear bullish momentum comes as the Hedera Foundation confirms that the McLaren Auto F1 Team will be minting NFTs on Tezos. There had been rumours that the F1 team would be minting its NFTs on the Hedera network. The McLaren F1 team had announced earlier that it would mint NFTs of its Luxury Supercars in partnership with Metaverse
platform InfiniteWorld. Hedera Hashgraph is the blockchain that powers Infinity World’s network, but Tezos and not Hedera is where the McLaren team is mining its NFTs. So what is the new HBAR price prediction going forward?

HBAR Price Prediction

The daily chart of the HBAR/USDT pair shows that the asset is trading close to the support formed by the wedge’s lower border, the channel’s trendline, and the 0.1930 support. A bounce from these combined support levels could trigger a break of the wedge pattern, allowing for a run towards 0.2680. If the bulls take out this resistance barrier, a move towards 0.3471 becomes more realistic. This would complete the measured move from the wedge. 

On the flip side, a decline below the 0.1930 support takes out the wedge’s lower border and the channel’s trendline. This would invalidate both patterns and allow for a potential run to the south that targets 0.1535 and 0.0948 sequentially. 0.0646 is another support target that presently remains out of reach.  

HBAR/USDT: Daily Chart