Binance and Hedera Elliot Waves Analysis: BNB and HBAR Price Action Sending Mixed Signals

HBAR Elliot Waves Analysis

The hourly chart for HBAR indicates a corrective wave structure following the Elliott Wave pattern. Currently, the price is in wave 4, which is forming a triangle ABCDE pattern, implying a period of consolidation before a final push in wave 5. A recent bounce from the lower support trend line of the descending triangle provides additional support for the continuation of the wave structure.

Fibonacci retracement levels play an important role in identifying potential support and resistance during this corrective phase. The price is approaching the 0.236 Fibonacci level, which could act as a critical support zone. If this level holds, it may mark the beginning of a new impulsive move in wave 5.

The price is currently recovering slightly from overbought conditions, as shown by the RSI, which remains below 50. This suggests weak momentum at the moment, with the potential for bullish continuation if the price manages to break higher resistance levels. However, failure to surpass these resistance levels may result in further correction or a period of sideways consolidation.

Since its recent low of $0.24 on Dec. 20, the price developed three waves to the upside, presenting two possibilities. Either this was the start of a new uptrend in which case a five-wave impulse should develop, or it ended on today’s high of $0.34.

This is why the differentiating factor will be what happens at the 0.236 Fib level which serves as a pivot point. Holding above this level could send HBAR to a higher high and confirm the impulsive five-wave move, while a breakout below it could question this bullish outlook.

Key Levels to Watch:

• 0.236 Fibonacci level: 0.3082 (first support to hold)
• 0.382 Fibonacci level: 0.2578 (next resistance zone)
• 0.5 Fibonacci level: 0.2169 (critical support zone)
• Resistance near 0.3899 (the upper boundary of the triangle pattern)
• Support near 0.2065 (lower support trend line of the triangle)

BNB Elliot Waves Analysis

The hourly BNB chart shows the price has recently experienced a surge, reaching a peak of $790 on Dec. 4, which was the Wave 3 of the higher degree five-wave move. This was followed by a consolidation phase within a descending channel leading to a low of $620 on Dec. 20.

From there the price recovered, leading to another interaction with the descending resistance around $720. The descending channel is a corrective pattern that may lead to a continuation of the trend if the price breaks the current resistance levels marked at around $720.

The Relative Strength Index (RSI) shows that the asset is currently in a neutral zone, but getting close to being overbought. As it approaches the overbought region, it could signal an impending pullback or correction if the price fails to break the upper resistance.

Two scenarios depend on how we interpret the recovery from Dec. 20. Either the price is developing a new five-wave impulse, or it has finished an upward ABC correction.

If the price fails to surpass descending resistance the likelihood of another drop will be high, but a breakout above it will mean that there is more upside potential ahead. Our first target to the upside will be $780 which would confirm wave 3 from Dec. 20 and proceed to another higher high above $820.

But if BNB gets rejected another downturn could bring the price to another retest of the descending support from the descending channel around $633.

Key Levels to Watch

• Resistance: $720
• Support: $632
• Fibonacci Support: $596
• Lower Support: $544