Revisiting HBAR’s cup, handle pattern- Explosive growth ahead?

ambcrypto.com:

Roughly two months ago, we explored HBAR’s price action which was in the process of forming a cup and handle pattern. Fast forward to the present and that pattern has become more defined and seems to have reached its mid-point.

Investors holding Hedera’s native cryptocurrency HBAR might be feeling left out or disappointed by its performance especially in the last two months.

Many top cryptocurrencies achieved significant upside especially in the second half of July, but HBAR only managed a 38% rally from its 2022 lows.

Despite its uninspiring performance, zooming out on HBAR’s price chart reveals that there is still hope for HBAR investors.

The price is currently assuming a bullish curve pattern consistent with the cup and handle pattern.

This means the price may have bottomed out and is currently on the second half of the cup pattern.

Source: TradingView

The curvature in the cup and handle pattern suggests that HBAR’s price is now in the second half of the pattern. This means that a potentially parabolic move might be on the way.

However, this expectation is based on the assumption that market is in the recovery phase after the crash in the first half of 2022.

There is still a substantial risk of more downside especially if economic and regulatory factors weigh unfavorably on the crypto market.

On the other hand, healthy development goals will likely support its recovery. For example, HBAR recently crossed the one million accounts milestone on its mainnet.