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Hedera Price Forecast: HBAR breaks above falling wedge pattern:
Hedera price broke above the falling wedge pattern (drawn by connecting multiple highs and lows with two trendlines since the end of July) on Wednesday. A breakout of this pattern favors the bulls, and at the time of writing on Thursday, it hovers at around $0.234.
If HBAR continues its upward momentum, it could extend the rally toward its July 27 high at $0.305.
The Relative Strength Index (RSI) on the daily chart has moved above its neutral level of 50, indicating early signs of bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) also showed a bullish crossover on Tuesday, giving buy signals and further supporting the bullish outlook.
However, if HBAR faces a correction, it could extend the decline toward its 200-day Exponential Moving Average (EMA) at $0.208, which roughly coincides with the lower trendline of the falling wedge pattern.
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