💥 HBAR price nears breakout as inverse head and shoulders pattern forms
HBAR price is consolidating below key resistance as an inverse head and shoulders pattern develops, signaling a potential bullish breakout if the neckline resistance is cleared with volume.
HBAR ($HBAR ) price action is showing increasingly constructive behavior as the market builds a classic bullish reversal structure on the higher timeframes. After an extended corrective phase, price has stabilized and begun forming an inverse head and shoulders pattern, a formation often associated with trend reversals when confirmed
Trader Eugene Ng Ah Sio recently shared his pessimistic outlook on the current market through a personal channel. According to Odaily, he indicated that he has little interest in the crypto environment at the moment, describing the overall scenario as unpromising and challenging.
In Sio's assessment, the next price target is significantly below current levels. While acknowledging a decline in optimism, the trader notes that the market trajectory is still aligned with his previous expectations. Given this scenario, the chosen strategy is to stay in cash and wait for a more opportune moment to re-enter, thus avoiding impulsive entries in an environment that remains volatile and uncertain.