- The coin is presently moving around its 50 EMA (the blue line).
The coin has regained an uptrend after hitting its support level. The coin is currently ready to breach a double bottom pattern following some consolidation at its current price level.
HBAR on daily chart
On the daily chart, a double bottom pattern that is forming is clearly evident and is on the verge of breaking out. After breakout, a rise in price to $0.0772617 is anticipated. However, it would be more encouraging if there were to be a brief period of consolidation at the current levels followed by a breakout.
MACD – The MACD has completed a bullish cross. On the HBAR daily chart, a rising trend is indicated by the MACD’s bullish crossover.
Relative Strength Index (RSI) – According to the relative strength indicator, at 77.89, the RSI curve has crossed the 50-point barrier (RSI). The rise in the coin values has enhanced the value of the RSI curve. If the price increases considerably more, the RSI curve can move dramatically higher.
Analyst view and Expectations
We can see that the coin earlier after this horizontal line breakout delivered a significant bull rise; therefore the same may also be anticipated at the current levels. However, for long-term investors, buying the coin at a price after $0.08258966 will be preferable since it is the next level of resistance from the current level and there is a chance the price might turn around from there.
For 2023, CoinCodex predicted a range of short-term hedera prices. According to the website, on February 6th, HBAR might fall to $0.046714. Technical analysis on the website was bearish, with 26 indicators producing negative signals and only two producing positive ones.
According to CoinsKid’s HBAR price forecast, the currency might conclude this year at $0.0713 before rising to $0.0866 by the end of 2024. According to the website’s hedera price forecast for 2025, the cryptocurrency might open the year at $0.0911 and perhaps end it at $0.1431. According to Coinskid, hedera may reach $0.1431 by Arpil 2027.
Hedera coin prices were predicted by DigitalCoinPrice to reach $0.0785 in 2023, $0.0915 in 2024, and $0.13 in 2025. The website continued by stating that HBAR might end the decade at $0.28. Hedera is predicted to trade at $0.38 in 2030, maybe reach $0.53 in 2031, and reach $0.72 the following year by the website.
Technical Levels
Major resistance -$0.23666620
Major support -$0.02951177
Conclusion
Long-term investors should avoid purchasing the coin at the moment since it does not appear to be a viable investment prospect.
Disclaimer: The opinions expressed in this article, along with any other opinions stated, are provided for informational purposes only and are not intended to be taken as financial advice. You are at risk of losing money when buying or trading cryptocurrencies.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/22/hbars-technical-outlook-decoding-the-cryptocurrencys-potential/