Hedera is governed by a council of world-renowned organizations, including Google, IBM, Boeing, and Tata Communications. This governance model reduces centralization risks and instills confidence in the network’s reliability.
HBAR, the native cryptocurrency of the Hedera Hashgraph network, has skyrocketed by 41% over the past few days. It currently exchanges hands at $0.28, trading above the $0.20 psychological barrier for the first time in two years.
Crypto analyst on his X handle Egrag Crypto thinks now is the right moment to invest in Hedera as Bitcoin price is expected to climb to $120K–$140K, this could set the stage for HBAR’s price-own bull run. He stated that if the HBAR price follows the predicted trajectory, a target price of $2.10 seems realistic.
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Daily Chart Analysis of HBAR Price Against USD
He presented a daily chart analysis showing HBAR price against USD revealing several key elements:
The price is near the 0.786 level of $0.29672644, which has historically acted as both support and resistance.
This bullish continuation pattern indicates a strong upward potential if the price breaks above the “Equilibrium” line at approximately $0.296.
If HBAR’s price falls below the critical support level of $0.296, it may invalidate the current bullish breakout. Therefore, monitoring price action closely around this level is crucial for investors.
The analyst lays out multiple target prices based on Fibonacci extensions, price target 1 at $0.584 i.e. Fibonacci 1 level, price target 2 at $1.25 i.e. Fibonacci 1.272 extension, and price target 3 at $3.29 i.e. Fibonacci 1.618 extension.
These targets align with both historical resistance levels and current market sentiment, providing a roadmap for potential gains.
Volume Signals Bullish Momentum for HBAR Price
The volume indicator has shown increased buying pressure recently, which supports a bullish outlook for HBAR price. A surge in volume is essential to validate the upward momentum necessary for reaching the outlined target prices. He noted that sustained buying could solidify the breakout above the 0.786 retracement level.
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With the current price of HBAR sitting right in the middle of the Fibonacci retracement zone, this could imply a bullish breakout if the market turns in its favor. This analysis positions HBAR as a compelling investment opportunity given the broader market dynamics. With a strong historical foundation, we could see HBAR price 7x very soon.
