Crypto analyst Egrag has once again shared a bullish analysis of Hedera Hashgraph (HBAR), predicting a potential 30x (2,900%) increase. Your most recent graph analysis (HBAR/USD) presents a view of HBAR’s position in the current market cycle, highlighting key Fibonacci retracement levels and critical price points that could guide HBAR’s movement in the coming months.
At the time of Egrag’s analysis, HBAR is trading at approximately $0.0553, with a recent low marked at around $0.0355. This price action on the 2-week chart is occurring along a key ascending trendline that has acted as strong support multiple times since 2020. This trendline, which spans several years, has held HBAR’s price during declines and corrections, except in one case in December 2019.
Egrag also identifies various Fibonacci retracement levels, a popular tool used in technical analysis to identify potential support and resistance levels. These levels are derived from the Fibonacci sequence, where each level corresponds to a percentage of the price movement between a significant high and low.
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In Egrag analysis, the chart shows a range of Fibonacci levels, from Fib 0 at the absolute low of $0.0355 to Fib 1.618 at $3.27. Each of these levels indicates critical prices for HBAR as it moves through this market cycle.
And according to Egrag, HBAR’s fundamentals are extremely strong and a 2,900% price increase is the absolute minimum. “Last cycle, ADA soared an impressive 17,000%! To put this into perspective, with HBAR bottoming at 0.036c, a 170X move would take the value to around $6! That’s why I’m all-in on HBAR! Backed by a powerful Governing Council, Hedera is leading the charge with cutting-edge technology for seamless tokenization, delivering world-class performance, rock-solid security, and unparalleled compliance,” notes Egrag.
Key Fibonacci Levels for Hedera (HBAR) in this Bull Run
Fibonacci 0 – $0.03555: This is the lowest price on the chart, representing the local bottom that HBAR has recently established. According to Egrag, this can be seen as the long-term support level and a significant historical low.
Fibonacci 0.236 – $0.0687: Currently, HBAR is trading just below this Fibonacci level. It has acted as a point of resistance in recent weeks, making it a crucial zone to break through for the upward momentum to continue. Historically, breaking the 0.236 Fib level often signals the start of a upward movement towards higher retracement levels.
Fibonacci 0.382 – $0.1034: The next critical resistance level is 0.382 Fib. A sustained move above this zone would indicate increasing bullish momentum and a possible continuation towards even higher Fibonacci levels.
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Fibonacci 0.5 – $0.1438: The 0.5 Fib level is one of the most closely watched by traders. It represents a psychological midpoint between the maximum and minimum of the asset. According to Egrag, $0.14 to $0.15 is a critical range for HBAR. “Until HBAR surpasses 0.5 Fib (0.14c-0.15c), everything else is just noise – it’s time to accumulate for what’s to come!” Egrag states.
Fibonacci 0.618 – $0.2004: Known as the “Golden Ratio”, Fib 0.618 is one of the most important levels in Fibonacci analysis. A break above this level often signals the end of a pullback and the resumption of the primary trend. For HBAR, a move above $0.20 could generate significant bullish interest, paving the way for a move towards new highs.
Fibonacci 0.702 – $0.2529: Egrag marks this level as a significant profit-taking zone. If HBAR reaches $0.25, it would represent a substantial 4.5x increase from current levels. This is an important target for traders looking to take profits before the next significant leg up.
Fibonacci 0.786 – $0.3199: 0.786 Fib is often the last line of resistance before an asset retests its all-time highs. Egrag identifies this as a crucial level where many traders may choose to sell some of their holdings.
Fibonacci 1.0 – $0.5819: This level represents the previous all-time high (ATH) for HBAR. Breaking above $0.58 would indicate a full recovery from the previous market cycle and set the stage for a potential new bull run. Egrag marks this as a key psychological level where your profit-taking area begins.
Fibonacci 1.272 – $1.2447: This is one of the extended Fibonacci levels, representing a point where HBAR could see further gains in a bull market scenario. Egrag mentions that surpassing the ATH could take HBAR to that level, making it another important profit-taking zone for long-term holders.
Fibonacci 1.414 – $1.8513: If HBAR continues its bullish momentum, it could rise to this level, representing a major price extension. This level, according to Egrag, is where traders can opt to exit significant portions of their holdings, expecting a slowdown following a major uptrend.
Fibonacci 1.618 – $3.27: The final profit-taking zone marked on the Egrag chart is Fib 1.618, also known as the “Golden Extension”. A move to $3.27 would represent a nearly 60x move from the current price and a whopping 170x increase from the local bottom of $0.03555. Egrag sees this as the maximum upside potential for HBAR this cycle.
Egrag concludes: “With its killer fundamentals and cutting-edge technology, a 30X gain is on the horizon, making HBAR my best macro play!”
At press time, HBAR traded at $0.0504.
Featured image created with DALL.E, chart from TradingView.com