Hedera Eyes $14B Recovery: Key Indicators Signal Rebound

• An analyst has predicted that Hedera (HBAR) could make a significant surge to a golden extension point at $3.
• HBAR is showing signs of recovery with a 1.14% social dominance and an 11% uptick on the daily price chart. 

Hedera (HBAR) is on the verge of making a significant comeback to reclaim its $14 billion market cap as it holds its position above $0.3 with a market cap of $11.58 billion. At press time, HBAR had surged by 11% in the last 24 hours and 5% in the last seven days. This is a significant rebound from the daily low of $0.26 after declining from a monthly high of $0.38.

Exploring on-chain data, we observed that the social dominance of the asset had surged to 1.14%. A rising dominance has been associated with an increasing engagement and growing interest in the asset.

Hedera (HBAR) Technical Analysis

Analyzing its technical chart, we found that HBAR is forming a bull flag pattern, a formation witnessed in the period of a strong upward price trend. Specifically, this is marked by a strong upward surge followed by a period of consolidation. Such consolidation is characterized by a downward or sideways movement to indicate a temporal pause in bullish momentum. Fascinatingly, a conclusion of this formation is followed by another sharp surge in price. According to analysts, this could send HBAR to $0.45 in the near term.

Contrary to this observation, an analyst identified as Zen believes that HBAR could be heading down toward important support levels. Per his observation, these positions would determine the next price direction of the asset.

Throwing more light on this, Zen highlighted that the current HBAR’s price action could reflect a sharp rally followed by an unexpected correction. According to him, the asset could likely resort to $0.187 and $0.207 as crucial support levels for short-term recovery. Breaking below this range could see the asset reaching what he terms the Weekly Breaker Zone, which is found between $0.102 and $0.120.

Analyst Tips HBAR for $3

According to analyst EGRAG CRYPTO, HBAR could surge as high as $3.27. Per his observation, the asset currently has strong fundamentals and could make a minimum surge of 2,900%. A possible replication of the surge in the previous cycle could also position HBAR at $6.

Last cycle, ADA skyrocketed a mind-blowing 17,000%! To put this into perspective, with HBAR’s bottom at 0.036c, a 170X move would take it to around $6! That’s why I’m all in on HBAR! Backed by a powerhouse Governing Council, Hedera is leading the charge with cutting-edge tech for seamless tokenization, delivering top-tier performance, rock-solid security, and unmatched compliance.

Earlier, the analyst found that the Fib 0, which is located around $0.355, represents the bottom of the asset. Fib 0.236 ($0.0687) was also labeled as a crucial resistance level and the start of a bullish move.

Fib 0.786 ($0.3199) was further highlighted as the last line of resistance before the much-anticipated bull run. Fib 1.0 ($0.58) is reported to be a point of recovery from the previous all-time high. However, profit-taking could be witnessed at this level. Fib 1.618 ($3.27) is reported to be the golden extension.

According to EGRAG CRYPTO, this level could be the maximum upside potential in this cycle as we earlier reported.

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