The cryptocurrency market is beginning to recover after a recent correction, with Ethereum (ETH) and Hedera (HBAR) showing notable positive changes.
Overall Market Status
The cryptocurrency market is starting to regain its footing after a recent downturn. Ethereum (ETH) has risen to $3,775 after reaching a low of $3,509. This recovering bullish sentiment is affecting other major altcoins, including Hedera (HBAR).
Harmonic Patterns and HBAR
On the daily chart, HBAR is forming a **Bearish Crab** pattern, which, despite its bearish name, often predicts strong rallies during the CD stage, the final and most explosive part of the pattern. The setup began with point X near $0.3022, followed by a sharp decline to point A, a rebound to point B, and a dip to point C around $0.1275. Since then, HBAR has been steadily climbing, trading near $0.2922.
Outlook for HBAR
If the harmonic pattern completes, the next target is near $0.4262, aligning with the 1.618 Fibonacci extension of the XA leg. Achieving this would represent a 45% increase from current levels.
With the broader cryptocurrency market showing strength and Hedera following a technically reliable pattern, upcoming sessions could be critical in determining whether HBAR can maintain its upward movement.
