HBAR Price Analysis: Hedera Hashgraph ($HBAR) Prints New All Time High, Can HBAR Break $1?
Can HBAR Take Over $1?
Hedera Hashgraph (HBAR) has been outperforming the overall crypto market over the last week as prices have risen nearly 100% from $0.24 to $0.49. HBAR refers to itself as the “trust layer of the internet”. Hedera is a public network that allows individuals and businesses to create powerful decentralized applications (Dapps).
HBAR has been growing in popularity & market cap rankings as its now the 39th largest cryptocurrency. HBAR was designed to be a fairer, more efficient system that eliminates the limitations that older blockchains face.
Ever since the large market fall that occurred on September 7th, HBAR has been on an immensely strong uptrend. This uptrend has pushed HBAR price to a new all time high of $0.49. Throughout this period, HBAR price has formed an ascending channel formation (shown in light blue). The top trend of this channel has acted as a major resistance as each time price has reached it, it has gotten rejected back down to the median line of the channel (shown in red).
At the time of writing, HBAR price is trading within a major resistance zone of $0.45-$0.486. If bulls manage to break & hold this zone, we should expect price to reach the target given.
Hedera Hashgraph Price Analysis: HBAR/USDT 4 Hour Chart
Throughout this run up over the last week, HBAR price has only touched the bottom trend of its ascending channel once. This shows that bulls are immensely in control as price continues to hug the top trend of its channel. At the time of writing, Hedera Hashgraph is trading above a minor support of $0.45.
If bulls lose power & HBAR price gets pulled below this mark, expect prices to drop to the major support of $0.423. If this level fails to hold, expect price to drop further to the major support of $0.389. This would bring HBAR price to the bottom trend of its channel. Along with this trend lies the 25MA. This MA has held for nearly a week now & a break below will likely cause a bearish trend change.
HBAR Intraday Analysis