- HBAR’s 7x surge linked to strong hands overcoming market sell-offs, notes CredibleCrypto’s analysis of price movement.
- HBAR breached major resistance at $0.36 after years in a key accumulation zone between $0.02 and $0.085.
- Renewed demand and investor confidence signal potential upward momentum for HBAR, with targets at $0.084 and $0.017.
The recent 7x price increase in Hedera Hashgraph ($HBAR) attracted the interest of analysts and investors. Popular cryptocurrency expert CredibleCrypto claims that the shakeout of “paper hands” was the primary cause of this sharp increase. He explained that those quick to sell during uncertain times left the market, allowing stronger hands to dominate. Consequently, the asset has surged significantly, breaking past crucial resistance levels.
Understanding HBAR’s Price Movements
The chart of HBAR against the US Dollar from 2020 to 2029 reveals major price fluctuations. The price showed sharp peaks and deep corrections, reflecting a highly volatile market. As of now, the price is hovering around $0.36, following an impressive surge. This surge came after HBAR spent an extended period consolidating within lower price ranges.
The chart highlights the “HTF Accumulation Zone,” a key range between $0.02 and $0.085. This zone served as a support level, with the price testing and rejecting lower levels multiple times between 2020 and 2023. Investors appeared to accumulate during these periods of stagnation. As the market shifted, the price made a strong upward move, breaking the previous resistance around $0.36.
Key Levels to Watch for Future Growth
HBAR’s price targets are marked at $0.084 and $0.017. These levels indicate potential areas of further upward movement in both the medium and long term. From 2020 to 2023, HBAR’s price action was volatile but showed a clear consolidation pattern. It experienced multiple corrections, testing support levels, and attempting to break resistance.
In 2024, however, HBAR broke through significant resistance, marking a potential change in market dynamics. This shift could be a result of growing demand and renewed investor confidence. The analyst believes that HBAR may continue to rise as it progresses through key target levels.
The post Hedera Hashgraph Breaks Resistance, Analyst Predicts Bright Future for $HBAR appeared first on Crypto News Land.
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