Is Hedera Hashgraph HBAR Coin in Perfect Position to Buy?
NAIROBI (CoinChapter.com)— Hedera Hashgraph (HBAR) is gaining attention as it shows signs of a potential breakout. Currently trading around 5 cents, the HBAR coin has recently benefited from new partnerships and technological advancements, suggesting a promising future.
Moreover, market observers like AllinCrypto believe HBAR crypto is at a crucial phase in its market cycle, drawing parallels to assets that have experienced significant growth after similar setups.
AllinCrypto YouTube video analyzes HBAR market. Source: YouTube
In addition, the market’s cyclical nature—encompassing accumulation, uptrend, distribution, and downtrend—plays a critical role in forecasting HBAR’s coin trajectory. According to AllinCrypto, Hedera Hashgraph is in the early accumulation phase, frequently leading to a strong uptrend.
Furthermore, HBAR coin’s current technical setup mirrors successful patterns from past cycles, indicating that it could follow a similar path to substantial price gains.
HBAR Crypto Technical Indicators Suggest Potential Upside
Hedera’s HBAR USD pair is trading at $0.05488, down 3.14% over the past 24 hours. Despite the recent dip, the technical outlook for HBAR suggests a potential bullish reversal on the horizon.
HBAR/USD 1-day price chart. Source: TradingView
The relative strength index (RSI) has moved out of oversold territory, suggesting building buying pressure. HBAR is testing key support levels, with resistance at the 50-day and 200-day Exponential Moving Averages (EMA).
A close above these levels could confirm a bullish trend, with potential targets around $0.02299 and $0.02475 and an ambitious target at $0.03967.
Twitter post by Crypto Observer discussing HBAR’s potential for a 10X gain. Source: X
Crypto enthusiast Crypto Observer suggests that HBAR could witness a 10x increase, pushing its price to $0.50. He noted that the momentum from new governing council (GC) members and a potential 2025 bull market could drive this growth.
HBAR/USDT daily chart analysis, Aug 23, 2024. Source: X
Moreover, a recent tweet by crypto analyst Bullgogi highlights a potential target of $2 for HBAR in the upcoming bull run, further fueling speculation about the token’s upside potential.
Fundamental Strengths and Strategic Partnerships
Hedera distinguishes itself with its Directed Acyclic Graph (DAG) technology, offering faster transaction speeds and better scalability than traditional blockchains. This innovation has attracted major corporations like Google and IBM, which have joined Hedera’s governing council, adding credibility to the network.
Hedera outperforms major blockchains in revenue generation. Source: Diffused Labs
Moreover, recent data from Diffused Labs has highlighted Hedera’s impressive revenue generation performance. Over the past 24 hours, Hedera outperformed several major blockchain networks, including Solana, Base, BSC, Avalanche, and Arbitrum.
Despite contributing only 0.2% of Solana’s DeFi volume and 1% of its overall network volume, Hedera generated nearly 50% of Solana’s revenue.
Hedera Hashgraph’s ongoing development efforts and real-world applications, such as supply chain tracking and asset tokenization, further enhance its growth prospects. These factors suggest that Hedera’s HBAR Token could be well-positioned for significant price appreciation, especially in the next bull market.
The post Is Hedera Hashgraph HBAR Coin in Perfect Position to Buy? appeared first on CoinChapter.
