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- 1 Hedera crypto price shows a swift recovery this week after a sharp fall last week.
- 2 The technical indicators point to a bullish outlook in the long term.
Hedera crypto price is trading lower on Saturday with a slight gain at the time of writing. The bulls are yet to make a comeback and the flow of funds into Bitcoin following the ETF approval has made the same a lot more difficult.
HBAR is going to end the week in green, however, the bulls were not able to fully recover from last week’s price drop. As per the daily chart, the bulls attempted to recover in the first three sessions of the week. However, the bears made a comeback in the second half of the week and made it difficult for buyers to move further.
The bulls failed to close above the 50-Day EMA and a hanging man candlestick was observed on the chart which highlighted the loss in buying momentum. Thereafter, the last two sessions closed negatively, losing nearly half of the weekly gains.
Hedera Crypto Price Trend Analysis
The daily chart shows that HBAR/USD has been in a strong uptrend since late November 2023, making higher highs and higher lows. The price has been respecting the 20-Day EMA, which acts as a dynamic support level.
Moreover, the price has also been respecting the Fibonacci retracement levels, which were derived from the swing low of $0.059 and the swing high of $0.093. The 50% retracement level of $0.3034 has been a significant support and resistance zone.
The most recent price action shows that HBAR/USD has taken a support near the golden area of the fibonacci after the recent fall, indicating the continuation of the uptrend.
The bulls are attempting a recovery but lacking momentum. Thus, the recent week noted a consolidation at the recent support. For the price to resume higher, the bulls need to surpass the 50-Day EMA on the upper side which is acting as a resistance in the daily chart.
However, the price may face selling pressure at the breakdown of the 61.8% retracement level of $0.074, which is also near the dynamic support of 100-Day EMA. The price may also encounter selling pressure at the psychological level of 0.075, which is a round number and a trailing stop loss (SL) zone for the buyers.
Hedera Price Prediction January 2024
As per the most optimistic view of our analysts, the HBAR price could reach a high of $0.096 by the end of the month. The bearish view of analysts hopes for a breakdown below the recent support after which the price may drop to a low of $0.0688.
Hedera Price Prediction 2024
The price prediction for 2024 shows that Hedera crypto may advance to a high of $0.145 by the end of year 2024. The less optimistic analysts estimate a price target of $0.111 by the end of year 2024.
Hedera Price Prediction 2025
By the next two years, the Hedera cryptocurrency price may attain higher highs if the positive trend continues to prevail. On the most optimistic note, the price may attain $0.182 suggesting an upside potential of 130.57%. The most pessimistic view assumes the price to reach $0.142 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
