Hedera (HBAR) Coin Price Prediction, Here's the Analysis!
2024-11-20
Bittime - Hedera Coin (HBAR) has shown impressive performance in recent weeks, standing out among other crypto assets. So, this article will discuss Hedera (HBAR) price predictions, here is the analysis!
After going through a long bear market, HBAR experienced a significant price spike, increasing investor interest. This article will discuss in depth the latest Hedera (HBAR) price analysis and future predictions.
Hedera Price Analysis (HBAR)
The price of Hedera (HBAR) jumped by 120% from $0.055 (Rp.869) to $0.12 (Rp.1,896) this week. This increase indicates strong momentum in the market.
However, technical indicators such as the Relative Strength Index (RSI) which reached 85% indicate overbought market conditions, which means the potential for price correction is quite large. Several Fibonacci retracement levels indicate potential correction targets at $0.084 (Rp. 1,327) and $0.074 (Rp. 1,169).
Read also: What is Hedera Coin (HBAR)?
After reaching its lowest point at $0.036 (Rp. 569) on January 1, 2023, HBAR price experienced a consolidation phase until October 2023, where the first signs of an uptrend appeared.
The peak was reached at $0.14 (Rp. 2,212) on March 17, 2024, the strongest level since May 2022. However, the subsequent correction brought HBAR back to its horizontal support zone, raising doubts about the sustainability of this bullish phase.
On November 4, HBAR revisited the upper limit of the horizontal zone, dropping to a low of $0.041 (Rp. 648), which marked the end of the downtrend that started on April 23 and started a new uptrend. Since then, the price has risen parabolically, reaching a peak of $0.12 (Rp. 1,896) on November 18.
Hedera (HBAR) Price Prediction
In the short term, chart analysis shows that HBAR has likely completed an upward five-wave structure with the last price spike. The subsequent sharp decline was interpreted as the first sub-wave of the ABC corrective pattern, although further confirmation is needed.
With the current price around $0.11 (Rp. 1,738), the potential for a correction towards the levels of $0.084 (Rp. 1,327) and $0.074 (Rp. 1,169) is quite high. However, if market sentiment remains positive and bullish momentum continues, HBAR price could rise again after a correction, targeting the next resistance level.
Read also: Why is the HBAR Coin Price Rising? This is the Cause!
Conclusion
Hedera (HBAR) has shown strong market momentum with significant price surges in recent weeks. Although technical indicators suggest a possible correction, bullish potential remains if support levels hold.
Investors should monitor market conditions and technical indicators to make wise investment decisions. With proper analysis and understanding of market trends, HBAR price predictions can become an important tool for your investment strategy.
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