- Analyst Maverick anticipates a bullish breakout for HBAR if it surpasses $0.0559.
- EGRAG CRYPTO, the crypto analyst, forecasted a potential 30x increase if crucial resistance levels are overcome.
- Maintaining support at $0.050 is crucial to prevent further downside risks.
Hedera (HBAR) began the week on a strong note. However, it encountered significant volatility while trying to stabilize above the 20- and 50-day EMA bands.
On October 15th, the HBAR price climbed to $0.058, but bearish pressure soon took over. This caused momentum to fade as volatility spiked. Despite buyers’ efforts, they couldn’t sustain the price above $0.058.
Consequently, the HBAR price fell, slipping below the 20- and 50-day EMA bands and erasing all the week’s gains. For more insights into price movements, continue reading the HBAR price prediction analysis article.
How Was Spot Daily Chart Doing On Daily Chart?
HBAR crypto‘s price movement has been lackluster and pessimistic this week, compounded by low liquidity of 2.35%. This happened due to low trading volume and a high market cap.
The outlook remained bleak, with a market cap of $1.93 Billion and a 24-hour spot volume inflow of $45.19 Million. This decreased by 15.62% intraday.
On October 17th, sellers attempted to push the price below $0.050, reaching a day low of $0.050. However, the Hedera price slightly recovered, settling at $0.051 after a week of declines.
Over the past two days, strong bearish momentum has driven the HBAR price down by over 12%. Hedera Hashgraph (HBAR) is trading at $0.05122, up by just 0.40% in the last 24 hours.
HBAR price briefly reached $0.05399 before retracting, indicating a bearish sentiment. Technical candle formation in the circle suggested that further downside risk is likely if current support levels fail to hold.
Bearish Sentiment: Pointed By The Lead Technical Tools
The HBAR crypto price action is characterized by alternating green and red candles, indicating market indecision. The price is confined within a narrow range of $0.051 to $0.058, lacking a clear direction. It could face additional downside pressure if the price falls below $0.050.
The MACD indicator showed the MACD line at -0.00059 and the signal line at -0.00046, both below zero. The RSI was at 44.48, suggesting that market bears are beginning to gain control.
An Analyst Finds Potential Beyond Certain Hurdles
Analyst Maverick suggested that a breakout above $0.0559 could signal a bullish reversal for HBAR. He mentioned, “HBAR is testing key resistance at $0.0559, and a breakout could present a strong entry point.” If HBAR surpasses this level, it could quickly climb towards previous highs.
Key resistance levels to monitor are around $0.07 and $0.10. If these levels fail to hold, the HBAR price might test support near $0.050.
Future Movements Key Insights Found From Fibonacci Levels
Technical analysis using Fibonacci retracement levels highlights significant areas for HBAR crypto. The 0.236 level at $0.0687 is crucial support, while major resistance is found at the 0.5 level near $0.15. Breaking above this resistance could trigger bullish momentum.
HBAR price has been consolidating below the 0.236 level. Analyst EGRAG CRYPTO commented, “HBAR is primed for a surge to the 0.702 Fibonacci level at $0.25.” He emphasized that until HBAR surpasses the 0.5 level, “everything else is just noise.”
Further projections based on Fibonacci extensions suggest potential price targets between $1.24 and $3.27. However, the long-term outlook remains bullish even if HBAR struggles to break past these critical levels.
EGRAG CRYPTO also noted that the HBAR crypto price could see a 30x increase. That could draw parallels to ADA’s remarkable 17,000% surge in the previous market cycle. HBAR might experience similar gains.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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