Can Hedera (HBAR) Break $0.504? Analysts Predict 75% Surge, But ETF News Falls Flat

Joe M
Hedera Hashgraph (HBAR)

Getting your Trinity Audio player ready...

Hedera (HBAR) has captured the attention of technical analysts with its recent price action, which has confirmed textbook breakout patterns that could signal a continued recovery. After a prolonged period of consolidation and downtrends, Hedera has shown signs of breaking out of its bearish trend, prompting a bullish outlook from market experts.

Breakout Patterns and Target Price

Following several months of price stagnation, Hedera has successfully broken key resistance levels, indicating that the token could be on the cusp of a significant rally. Analysts have set an initial breakout target of $0.504, representing an impressive 75% increase from its current trading price of $0.279.

This first target at $0.504 is a crucial milestone in the price recovery of HBAR. However, it doesn’t stop there. If Hedera can maintain its momentum and sustain the breakout above this level, analysts are predicting even more upside potential. The next key resistance point lies at $0.962, which represents an additional 90% increase from $0.504, further fueling the optimism surrounding HBAR’s recovery.

ETF Announcement Fails to Ignite a Price Surge

Despite the promising technical signals, Hedera’s price has remained relatively muted. The recent announcement from Grayscale about plans to launch an exchange-traded fund (ETF) centered on HBAR failed to spark the expected surge in buying momentum. Historically, ETF-related news has led to significant price increases for various cryptocurrencies, with Bitcoin often leading the way. However, in this case, HBAR’s price reaction to the Grayscale news has been underwhelming.

Currently, HBAR is trading at $0.279, having experienced a slight 1.11% decline in the past 24 hours. The token’s market capitalization stands at $10.68 billion, with a fully diluted valuation of $13.96 billion. Despite these figures, the 24-hour trading volume is relatively moderate, clocking in at $531.32 million, which represents about 5% of the market cap.

Technical Analysis and Key Support Levels

The recent breakout above a descending trendline that had characterized HBAR’s price movement in 2022 and early 2023 marks a pivotal moment. Analysts believe that this breakout could be the beginning of a bullish continuation. In the short term, HBAR’s price has been consolidating between $0.265 and $0.285, a period of price stabilization that could set the stage for the next move upward.

One important indicator to watch is the Money Flow Index (MFI), which currently sits at 39.45. This suggests that HBAR may be in neutral to oversold conditions, which could lead to renewed buying interest. A strong influx of buying pressure could propel the price toward the $0.504 target and potentially beyond.

The trajectory of Hedera’s price remains dependent on breaking through short-term resistance levels. A decisive move above $0.285 could signal a return of bullish momentum, pushing HBAR toward its first target of $0.504. However, failure to hold above $0.265 could result in a retest of lower levels, delaying the recovery.

Traders and investors should keep a close watch on these key levels in the coming days as HBAR enters a critical phase in its market cycle. If the breakout proves sustainable, the upside potential could be substantial, making Hedera an intriguing asset for those looking to capitalize on potential gains.

Also Read: Hedera (HBAR) Set for 75% Surge: Analyst Targets $0.962 as Altcoin Bull Run Gains Momentum

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Related Posts