Hedera Goes From April Highs, To ATH, To Elliot Wave Theory? Lets break down what COINBASE:HBARUSD may be setting up for a long-term scenario!
We saw a impressive Bullish Rally from beginning of November 2024 that facilitated a Breakout of the April 2024 High @ .1842 to then create its All Time High @ .4010.
With this Price Action going from a Significant Low to create a new Higher High, we can apply the Elliot Wave Theory which is first supported by seeing some sort of Fibonacci Retracement from the Low to New High and we see that February of 2025 delivered a Fibonacci Retracement to the Golden Ratio Zone twice to now be showing support from Bulls pushing price higher!
Technically, with Wave 1 having been corrected successfully by Wave 2, both being completed, we now can expect price to give us another extension starting Wave 3, giving us a Break of the ATH created by Wave 1, to then confirm our directional bias and validate the Elliot Wave Theory.
Based on the Fibonacci Extension, we can project a potential "Roadmap" price may follow while outlining the rest of the Impulse and Corrective Waves where we see Price ultimately ending Wave 5 at the Potential Range Target of ( .7571 - .89441 )
Rules:
- The 2nd Wave cannot retrace the 1st Wave more than 100%
- The 3rd Wave can never be the shortest of the Impulse Waves ( 1,3,5 )
- The 4th Wave cannot retrace the 3rd Wave more than 100%