HBAR price prediction hints that a bull run has begun which may invite new participants and push the price to new highs. It rose 11% in the current week and formed a bullish pattern. The dominance of buyers is clearly visible in the chart which boosts the confidence of the existing investors.
Hedera price is marching toward the 2023 high placed at $0.0987. It may act as an immediate hurdle for the bulls. However, if the bulls succeed in snatching the control from sellers. 10% to 15% more upside will open.
The trend of HBAR crypto price is in an upward direction and sustaining above the 50-day EMA. It shows the presence of buyers near the support, which decreases the risk of a sharp decline.
The Hedera crypto is near to crucial resistance. So, the price may retrace back to the 50-day EMA if it faces resistance. However, the retracement will provide an opportunity for bulls to accumulate at HBAR at cheaper rates.
Currently, this crypto is trading at $0.0955 with a one-day increase of 4.37%. The 24-hour volume-to-market cap ratio stands at 0.0282.
HBAR Price Analysis: What’s Fueling the Upward Momentum?
HBAR price performed well in the last two months and generated decent returns for the short-term bulls. However, it will be interesting to see whether the Hedera continues the momentum in January or spend time in consolidation.
The volume bar is on a slow and steady rise and the price is also following the same direction. It is an indication that big players are active and may participate in the rally.
The next direction of HBAR crypto depends on the $0.0987 breakout. If the breakout happens, the momentum will continue, otherwise the consolidation may be visible.
Hedera Price Displayed Double Bottom; What’s Next?
Hedera price has formed a double-bottom bullish pattern on the weekly time frame chart. It shows that this coin is turning bullish on multiple time frames, which increases the possibility of a breakout.
The volatility in HBAR is quite high and the MACD curve is sloping upward. It indicates that the bulls are strengthening their grip to hit a new swing high. Therefore, investors should play bullish bets and participate in the bull run.
Conclusion
HBAR price prediction is bullish for January 2024 and suggests new participants may push the price to new highs.
The chart pattern of Hedera favors the bulls and the trend is also in an upward direction. So, the probability is high that the coin price might rise further and reward investors in the short run.
Technical levels
- Resistance levels: $1.1001 and $0.1109
- Support levels: $0.0802 and $0.0702
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.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/02/hbar-price-up-11-will-hedera-rise-further-and-reward-investors/