Over the last seven days, the worth of Hedera’s HBAR token has experienced a significant increase of approximately 27%. This surge follows the altcoin breaking free from the confined trading range it had been stuck in for a few weeks.
With increasing demand, there’s a strong possibility that HBAR could reach its previous peak of $0.57 again, a level it last touched in the year 2021. Here’s the rationale behind this prediction.
Hedera Bulls Aim to Send Token’s Price Higher
Over the last week, HBAR has experienced a significant 27% increase, breaking free from its previous pattern of sideways trading. For about a month now, the broader market has been consolidating, keeping HBAR’s price within a specific range. At $0.33, it encountered resistance, while finding support at $0.26.
As an analyst, I’ve noticed a significant surge in the value of HBAR, pushing it past my previously identified range, now trading at approximately $0.35. This breakout suggests increasing demand and could potentially pave the way for more growth as positive sentiment strengthens.
Right now, HBAR is being traded higher than its 20-day Exponential Moving Average (EMA), signifying a bullish market momentum at the moment. This EMA calculates the average price of the asset over the last 20 days, giving more emphasis to recent prices to show short-term trends.
If a financial asset’s current price exceeds its 20-day Exponential Moving Average (EMA), this suggests strong buying sentiment. Essentially, this implies that the demand from buyers is dominating the market, possibly leading to further increases in the asset’s value over the short term.
As a crypto investor, I’m excited to share that the setup of HBAR’s Moving Average Convergence Divergence (MACD) indicator points towards a bullish outlook. Specifically, the MACD line, which is represented in blue, sits comfortably above its signal line, depicted in orange. This suggests potential growth for this altcoin.
When the setup for this indicator suggests such a configuration, it suggests a rising or bullish market trend. In other words, there’s more buying than selling among traders, suggesting a prolonged increase in prices, possibly leading to further market gains.
HBAR Price Prediction: Sustained Demand Could Propel It Toward $0.57 ATH
The continuous interest in HBAR might push its value beyond the significant barrier at 0.44 USD. Once this threshold is surpassed, it could offer the necessary foundation for the cryptocurrency to reestablish its previous record high of 0.57 USD, a level not seen since four years ago.
In this case, a decline in purchasing activity could challenge the positive outlook, leading the token’s price to fall back within its earlier range, generally fluctuating near $0.30.
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2025-01-18 11:55