Will HBAR Price Outperform in 2024?

Hedera price prediction is likely to remain bullish till it holds onto the $0.0400 support and suggests a rise in the long run. HBAR price recovered 15% (approx.) from the recent swing low, showing the initial signs of a bullish trend reversal.

HBAR price sustains above the 50 day EMA indicating the short term trend is in the upward direction. However, the 200 day EMA placed slightly higher is acting as a strong hurdle for the bulls.

Hedera crypto witnessed a massive spike in the buying volume as the prices are turning bullish. It indicates some genuine investors might have taken long positions and are expecting excellent performance in the coming months.

In mid June, HBAR price took support near $0.0400 and showed a minor bounce from the lower levels. Presently, the HBAR price is in recovery mode and buyers seem to be returning back on track.

Hedera price is trading at $0.0538 with an intraday rise of 2.28%. The 24 hour volume to market cap ratio is 2.32%.

The pair of HBAR/BTC is 0.00000182 with an intraday rise of 1.68%. The price chart of HBAR/BTC is in a strong downtrend and no signs of recovery are visible.

Will Hedera Price bounce back from the demand zone?

Hedera price prediction is bullish for the long term. The prices are taking support near to the 50 day EMA showcase buyers are getting active. The crypto leader BTC Price is in recovery mode. So, if the recovery continues then it might positively impact the HBAR crypto prices.

As long as HBAR price sustains above $0.0450, the possibility of bounce back remains high. However, the prices will pick up momentum when buyers succeed in breaking out of the $0.0600 hurdle.

On the other hand, if the price drops below $0.0450, then bears will try to drag it down to the yearly lows.

HBAR Price Analysis on the Weekly Time Frame

HBAR price formed a Doji candle on the weekly time frame indicating indecisiveness. The buyers will gain confidence when the price will sustain above the 200 day EMA.

The MACD curve displayed a negative crossover and the histogram bars are declining indicating mild bearishness, whereas the RSI at 5 slopes upward indicating the strength of the bulls. It also means that more room for upward movement is open.

Conclusion

Hedera price prediction is bullish and suggests a rise in the long run. But the price will gain momentum when buyers are able to break out of the $0.0600 hurdle.

The technical analysis suggests that HBAR Price is near the demand zone and probability of a bounce is high.

Technical levels

Resistance levels: $0.0600 and $0.0750
Support levels: $0.0450 and $0.0416

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.