Crypto analyst Egrag has as soon as once more shared a bullish evaluation of Hedera Hashgraph (HBAR), predicting a possible 30x enhance (2,900%). His newest chart evaluation (HBAR/USD) presents a view the place HBAR stands within the present market cycle, highlighting key Fibonacci retracement ranges and significant worth factors that might information HBAR’s motion within the months forward.
On the time of Egrag’s evaluation, HBAR is buying and selling at roughly $0.0553, with a current low marked round $0.0355. This worth motion within the 2-week chart is happening alongside a key upward trendline that has acted as robust help a number of occasions since 2020. This trendline, which stretches over a number of years, has held HBAR’s worth throughout dips and corrections, aside from one occasion in December 2019.
Egrag additionally pinpoints a number of Fibonacci retracement ranges, a preferred instrument utilized in technical evaluation to establish potential help and resistance ranges. These ranges are derived from the Fibonacci sequence, the place every degree corresponds to a share of the value motion between a big excessive and low.
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In Egrag’s evaluation, the chart showcases a variety of Fibonacci ranges, from Fib 0 on the absolute low of $0.0355 to Fib 1.618 at $3.27. Every of those ranges signifies essential worth factors for HBAR because it strikes by way of this market cycle.
And in accordance with Egrag, HBAR’s fundamentals are extraordinarily robust and a 2,900% worth surge is absolutely the minimal. “Final cycle, ADA skyrocketed a mind-blowing 17,000%! To place this into perspective, with HBAR’s backside at 0.036c, a 170X transfer would take it to round $6! That’s why I’m all-in on HBAR! Backed by a powerhouse Governing Council, Hedera is main the cost with cutting-edge tech for seamless tokenization, delivering top-tier efficiency, rock-solid safety, and unmatched compliance,” Egrag notes.
Key Fibonacci Ranges For Hedera (HBAR) In This Bull Run
Fib 0 – $0.03555: That is the bottom worth on the chart, representing the native backside that HBAR lately established. In response to Egrag, this may very well be seen because the long-term help degree and a big historic low.
Fib 0.236 – $0.0687: Presently, HBAR is buying and selling slightly below this Fibonacci degree. It has acted as a resistance level over current weeks, making it an important zone to interrupt by way of for upward momentum to proceed. Traditionally, breaking by way of the Fib 0.236 degree usually indicators the beginning of a bullish transfer in the direction of greater retracement ranges.
Fib 0.382 – $0.1034: The subsequent essential resistance degree is Fib 0.382. A sustained transfer above this zone would point out rising bullish momentum and a doable continuation in the direction of even greater Fibonacci ranges.
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Fib 0.5 – $0.1438: The Fib 0.5 degree is among the most intently watched by merchants. It represents a psychological midpoint between the asset’s excessive and low. In response to Egrag, $0.14-$0.15 is a essential vary for HBAR. “Till HBAR breaks above Fib 0.5 (0.14c-0.15c), every thing else is simply noise—time to build up for what’s coming!” Egrag claims.
Fib 0.618 – $0.2004: Often known as the “Golden Ratio,” Fib 0.618 is among the most vital ranges in Fibonacci evaluation. A break above this degree usually indicators the top of a retracement and the resumption of the first development. For HBAR, a transfer above $0.20 may generate important bullish curiosity, paving the way in which for a transfer in the direction of new highs.
Fib 0.702 – $0.2529: Egrag marks this degree as a big profit-taking zone. If HBAR reaches $0.25, it will characterize a considerable 4.5x enhance from present ranges. It is a key goal for merchants seeking to lock in earnings earlier than the subsequent important leg up.
Fib 0.786 – $0.3199: Fib 0.786 is commonly the final line of resistance earlier than an asset retests its all-time highs. Egrag identifies this as an important degree, the place many merchants might select to promote a few of their holdings.
Fib 1.0 – $0.5819: This degree represents the earlier all-time excessive (ATH) for HBAR. Breaking previous $0.58 would point out a whole restoration from the earlier market cycle and set the stage for a potential new bull run. Egrag marks this as a key psychological degree the place his profit-taking space begins.
Fib 1.272 – $1.2447: This is among the prolonged Fibonacci ranges, representing a degree the place HBAR may see further good points in a bullish market state of affairs. Egrag mentions that breaking past ATH may push HBAR towards this degree, making it one other key profit-taking zone for long-term holders.
Fib 1.414 – $1.8513: If HBAR continues its bullish momentum, it may climb in the direction of this degree, representing a serious worth extension. This degree, in accordance with Egrag, is the place merchants might select to exit important parts of their holdings, anticipating a slowdown after a serious uptrend.
Fib 1.618 – $3.27: The last word profit-taking zone marked on Egrag’s chart is Fib 1.618, also referred to as the “Golden Extension.” A transfer to $3.27 would characterize a close to 60x transfer from the present worth and a staggering 170x enhance from the native backside of $0.03555. Egrag views this as the utmost upside potential for HBAR on this cycle.
Egrag concludes, “With its killer fundamentals and cutting-edge tech, a 30X acquire is true on the horizon, making HBAR my high macro play!”
At press time, HBAR traded at $0.0504.
Featured picture created with DALL.E, chart from TradingView.com
