$HBAR Price Skyrockets 500%

Bittime -  If you follow the crypto world, you already know that Hedera (HBAR) recently surprised many with an incredible price surge—over 500% in just 30 days! 

In fact, HBAR reached its peak at $0.39 on December 3. Wow, that's an attractive number, isn't it?

However, as usual in the crypto world, price spikes do not always continue smoothly. Even though HBAR price is tempting to continue rising, some technical signs are starting to show that this rally could hit a roadblock. 

Is this a good time to continue buying HBAR, or should we prepare for a downturn?

HBAR Great Surge, But Trend Weakens

In the last 30 days, the price of HBAR skyrocketed 506.83%, reaching a peak of $0.39 on December 3, 2024. 

However, since then the price of HBAR has started to decline, and the HBAR Average Directional Index (ADX) is now showing 24.2 , which indicates that the strength of the trend is weakening.

ADX is a technical indicator used to measure the strength of a trend, regardless of the direction of price movement. ADX values ​​higher than 25 indicate a strong trend, while values ​​below 20 indicate a weak trend. 

At its peak, on December 3, ADX HBAR was at 70, indicating that the market was in a very strong uptrend phase. However, after experiencing a decline, ADX is now below 25, which shows that the upward momentum in prices is running out.

HBAR Position Above Ichimoku Cloud

Even though ADX shows a weakening trend, HBAR price movement remains above the Ichimoku Cloud, which indicates bullish sentiment. Ichimoku Cloud is a technical indicator that helps identify trend direction and support and resistance levels. 

The position of HBAR which is above the cloud indicates that the overall trend is still bullish.

However, price consolidation around the recent high ($0.39) indicates resistance in the zone. 

If HBAR price fails to break the upper boundary of the cloud, the market may enter a longer consolidation phase, or even lead to a bearish trend reversal.

Also read: Top 10 Hedera Hashgraph Projects that Make You Feel at Home as a $HBAR Token Holder

Future HBAR Price Potential: $0.40 Target or Drop to $0.27?

The HBAR price prediction in the near future really depends on whether the upward momentum can be maintained again. 

If the bullish trend resumes its journey, HBAR has the potential to break through the resistance level at $0.40 and even reach $0.45. 

The increase would register a jump of around 45% from the current price, providing hope for the continuation of the positive trend.

Also read: Kapan HBAR All Time High (ATH)?

However, if the price fails to maintain its positive momentum and starts to correct deeper, the first support level that could be tested is $0.27. If the price falls further, HBAR could face the next support level at $0.17, possibly even hitting a low around $0.12.

Short Term and Risk Analysis

Even though HBAR still shows bullish sentiment above the Ichimoku Cloud, the recent consolidation pattern indicates that price movements will not always increase linearly. 

The crypto market is very dynamic and prone to fluctuations, so it is important for investors to be careful of potential sudden changes in trends.

If momentum returns to positive, HBAR has the potential to test the resistance levels at $0.40 and $0.45. However, if the trend weakens further, a drop to lower levels such as $0.27 or even $0.17 is possible.

Conclusion

HBAR price is currently consolidating after a massive surge last month. Although market sentiment still shows optimism, resistance at high levels and a decline in trend strength indicate that the market may be in a transition phase. 

Investors and traders need to watch these price movements carefully, because small changes can trigger significant movements in either an upward or downward direction.

FAQ Hedera Hashgraph (HBAR)

What is Hedera Hashgraph (HBAR)?

Hedera Hashgraph is a decentralized platform that uses Hashgraph technology for fast, secure and cheap transactions, different from blockchain. It enables the development of decentralized applications (DApps), cryptocurrency payments, and identity management with high efficiency.

Who is the founder of Hedera Hashgraph?

Hedera was founded by Dr. Leemon Baird, founder of Hashgraph, Mance Harmon, CEO of Hedera, and Paul Madsen, CTO. They are experienced in cybersecurity and technology, and have a strong background in software development.

How is Hedera different from blockchain?

Hashgraph on Hedera offers higher transaction speeds, lower fees, and is more secure than blockchain. By using a directed graph (DAG) structure rather than blocks, Hedera ensures transactions are more efficient without sacrificing decentralization and security.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with CoFTRA, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Cek rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference

Amaral, Tiago, Hedera (HBAR) Price Surges 506% but Faces Resistance, accessed December 10, 2024.

Your coverage Id, HBAR, HYPE, and DYDX Three Cryptos with Sharper Increases Than Shiba Inu and XRP, accessed December 10, 2024. 

Author: MF