NAIROBI (CoinChapter.com) — XRP, Hedera Hashgraph (HBAR), and Avalanche (AVAX) remain in focus as traders assess their recent price action and potential bullish setups. While XRP signals recovery following a key candlestick formation, HBAR faces bearish sentiment, and AVAX struggles under whale sell-offs.
XRP Forms a Bullish Hammer, Signaling Potential Rally
XRP recently formed a weekly hammer candlestick pattern after dropping to $1.76 on Feb. 3. Historically, this formation has preceded major price surges, prompting speculation of another rally. Following the market-wide decline that pushed Bitcoin below $100,000, XRP rebounded sharply, climbing above $2.
Source: Steph/XAnalyst Steph Is Crypto highlighted that XRP previously experienced exponential gains after forming similar hammer patterns. In late 2013, a similar setup led to a 2,000% price increase, and in early 2017, another hammer formation preceded XRP’s rally to an all-time high above $3, representing over 110,000% in gains.
XRP chart projecting $8 price. Source: Dark DefenderXRP chart projecting $8 price. Source: Dark Defender
Meanwhile, analyst Dark Defender remains bullish on XRP’s Elliott Wave structure, suggesting the third wave of a five-wave pattern could push XRP beyond $5.85, with a potential final target of $8. However, the $3 resistance remains a key level for confirmation.
Despite a 3% daily drop to $2.50, Dark Defender argues the correction is part of an ongoing uptrend. Another analyst, Tony Severino, projects XRP could rally 35X to $20 based on previous Elliott Wave cycles, though such predictions remain highly speculative.
HBAR Faces Bearish Sentiment Despite Bullish Forecasts
HBAR has been under pressure as the broader market struggles. The token is trading around $0.24, down 21.4% in the past week, reflecting bearish sentiment.
Hedera (HBAR) Tests Key Support After Recent Surge. Source: Merlijn/X
Crypto analyst Merlijn The Trader projects a short-term target of $0.3, citing strong momentum and a key resistance retest. Solberg Invest offers a more aggressive outlook, forecasting a potential rally to $0.9.
HBAR Long/Short Ratio. Source: CoinglassMeanwhile, market indicators suggest mixed signals. HBAR’s long/short ratio is 0.98, meaning more traders are betting on a price decline than a rise. Historically, this ratio being below 1 reflects a bearish market stance. However, some analysts compare HBAR’s current price action to 2021, when it stabilized around $1.5 before skyrocketing to $5.
Hedera (HBAR) Retests Critical Support After Rejection. Source: Rekt Capital/XAnalyst Rekt Capital noted that HBAR’s Relative Strength Index (RSI) mirrors the overbought conditions seen in 2021, which preceded a rally to $5. The possibility of history repeating remains uncertain, given the current broader market downturn.
Meanwhile, CryptoELITES has set a highly optimistic price target of $75 for HBAR, far beyond other projections. At press time, HBAR trades at $0.2442, down 3.8% on the day and 21.4% over the past week. The bearish futures positioning suggests further downside risk if market sentiment does not improve.
AVAX Faces Selling Pressure, But Oversold Conditions Hint at a Rebound
Avalanche (AVAX) continues to face strong selling pressure, with its price hovering around $27 after a 16.34% drop over the past week. The market cap has fallen to $11.16 billion, reinforcing the bearish trend. A falling channel pattern on the daily chart signals more downside unless buyers step in.
AVAX/USD 1-da price chart. Source: TradingViewOn-chain data shows daily active addresses have surpassed 250,000, the highest since May 2023. This suggests growing interest in the network. However, large investors remain cautious. Whales recently sold 10.08 million AVAX worth $272 million in just 48 hours, showing a lack of confidence in a near-term rebound.
AVAX needs to reclaim $28.62 to signal recovery, but a stronger push above $34.34 is required to confirm bullish momentum. If the token fails to hold current levels, further downside toward $22-$20 remains a possibility.
XRP shows potential for a rally, while HBAR faces bearish pressure despite bullish projections. AVAX remains under selling pressure but could see a rebound if oversold conditions attract buyers.
The post XRP Eyes Recovery, HBAR Faces Pressure, AVAX Struggles With Sell-Offs first appeared on Coinchapter.
The post XRP Eyes Recovery, HBAR Faces Pressure, AVAX Struggles With Sell-Offs appeared first on Coinchapter.
