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$HBAR Price Forecast: Why Hedera Hashgraph Could Hit $1
Hedera Hashgraph's price has been consolidating recently after its earlier rally paused. Currently trading at $0.3150, the token is positioned significantly above its recent low of $0.2345 and approximately 650% higher than its September low. Here’s an in-depth look at why the HBAR price could surge to $1.
🔸 Hedera Hashgraph Price Analysis
The daily chart reveals that HBAR has been trading in a tight range, maintaining strength above the 50-day and 200-day moving averages. Notably, these moving averages formed a golden cross in November, signaling a long-term bullish trend.
Additionally, HBAR is forming a bullish pennant pattern, a well-regarded indicator of positive momentum. This pattern emerged following the token’s substantial rally starting last November. Currently, HBAR is approaching the symmetrical triangle's confluence point, often a precursor to breakout movements.
Key observations include:
HBAR holds above the critical support level at $0.1815, the previous April high.
The token has breached the overshoot level of the Murrey Math Lines.
Momentum oscillators like the RSI and MACD are trending upward.
Given these factors, HBAR appears primed to test last year’s high of $0.3922. Surpassing this level could pave the way for HBAR to target $0.50, with the psychological level of $1 as the ultimate goal—a potential 217% gain from the current price.
For risk management, a stop-loss can be placed at $0.2685, aligning with the Murrey Math Lines' weak stop-and-reverse level.
🔸 Key Catalysts for HBAR’s Upside Potential
Several macro and fundamental factors are contributing to the bullish outlook:
Q1 Crypto Market Trends
Historically, cryptocurrency prices perform well in the first quarter. For example:
Bitcoin (BTC) averages a 52% return in Q1.
Ethereum (ETH) averages an 83% return in Q1.
This seasonal strength provides a favorable backdrop for HBAR’s growth.
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