Crypto analyst Egrag has as soon as once more shared a bullish evaluation of Hedera Hashgraph (HBAR), predicting a possible 30x improve (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 important worth factors that would 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 latest 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 assist a number of instances since 2020. This trendline, which stretches over a number of years, has held HBAR’s worth throughout dips and corrections, apart from one occasion in December 2019.
Egrag additionally pinpoints a number of Fibonacci retracement ranges, a preferred device utilized in technical evaluation to determine potential assist and resistance ranges. These ranges are derived from the Fibonacci sequence, the place every stage corresponds to a share of the worth 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 via this market cycle.
And in response to 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 keeping with Egrag, this may very well be seen because the long-term assist stage and a big historic low.
Fib 0.236 – $0.0687: Presently, HBAR is buying and selling slightly below this Fibonacci stage. It has acted as a resistance level over latest weeks, making it an important zone to interrupt via for upward momentum to proceed. Traditionally, breaking via the Fib 0.236 stage usually alerts the beginning of a bullish transfer in the direction of greater retracement ranges.
Fib 0.382 – $0.1034: The following essential resistance stage 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 stage is among the most carefully watched by merchants. It represents a psychological midpoint between the asset’s excessive and low. In keeping with Egrag, $0.14-$0.15 is a essential vary for HBAR. “Till HBAR breaks above Fib 0.5 (0.14c-0.15c), the whole lot else is simply noise—time to build up for what’s coming!” Egrag claims.
Fib 0.618 – $0.2004: Generally known as the “Golden Ratio,” Fib 0.618 is among the most necessary ranges in Fibonacci evaluation. A break above this stage usually alerts the tip of a retracement and the resumption of the first development. For HBAR, a transfer above $0.20 may generate vital bullish curiosity, paving the best way for a transfer in the direction of new highs.
Fib 0.702 – $0.2529: Egrag marks this stage as a big profit-taking zone. If HBAR reaches $0.25, it could characterize a considerable 4.5x improve from present ranges. It is a key goal for merchants trying to lock in income earlier than the subsequent vital leg up.
Fib 0.786 – $0.3199: Fib 0.786 is usually the final line of resistance earlier than an asset retests its all-time highs. Egrag identifies this as an important stage, the place many merchants could select to promote a few of their holdings.
Fib 1.0 – $0.5819: This stage represents the earlier all-time excessive (ATH) for HBAR. Breaking previous $0.58 would point out an entire restoration from the earlier market cycle and set the stage for a potential new bull run. Egrag marks this as a key psychological stage 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 situation. Egrag mentions that breaking past ATH may push HBAR towards this stage, 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 stage, representing a significant worth extension. This stage, in response to Egrag, is the place merchants could select to exit vital parts of their holdings, anticipating a slowdown after a significant uptrend.
Fib 1.618 – $3.27: The final 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 improve 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 correct on the horizon, making HBAR my prime macro play!”
At press time, HBAR traded at $0.0504.
Featured picture created with DALL.E, chart from TradingView.com
