HBAR Price Prediction: Will Hedera Reach $0.9?
The Hedera Hashgraph (HBAR) token is currently experiencing downward pressure, mirroring the broader cryptocurrency market downturn. However, several analysts predict a significant price upswing driven by positive platform developments.
Analyst Price Forecasts for HBAR
Crypto analyst Merlijn The Trader (X post) anticipates a near-term HBAR price increase to $0.30, citing a robust retest of a key resistance level and building momentum. A more ambitious forecast comes from Solberg Invest, who projects a potential rise to $0.90.
Analyst Rekt Capital notes a resemblance between HBAR's current Relative Strength Index (RSI) and that observed in 2021, suggesting a potential price rebound. HBAR's price pullback to a specific level (illustrated in the chart below) echoes a similar pattern from 2021 which preceded a substantial rally.
In 2021, HBAR stabilized around $1.50 before a significant bullish run to approximately $5.00. Given the current price similarity to 2021 levels, Rekt Capital suggests history could repeat itself.
Another analyst, CryptoELITES, has made an even bolder prediction, targeting a price of $75 for HBAR. At the time of writing, HBAR trades at $0.2442, representing a 3.8% daily dip, 21.4% weekly decline, and 22.6% monthly drop.
Factors Influencing HBAR Price
David Duong, Head of Research at Coinbase, highlights the resurgence of established altcoins, including HBAR, XRP, and Solana, following recent market volatility. He believes that investment will eventually flow into these projects. He states, "I think that money is going to finally go into an XRP, into a Cardano, into an HBAR. Hedera is great. It’s a great protocol, and I think anybody who goes in, especially right now, they’ll reap the benefits of it six to eight months down the line."
Further bolstering the positive outlook, Hedera recently announced its first HederaCon, scheduled for February 25, 2025, in Denver, Colorado. This event adds to the positive momentum surrounding HBAR.
Disclaimer: This analysis incorporates opinions from various analysts and market observations. Conduct thorough research before investing in cryptocurrencies. Codeum does not endorse any specific investment strategy and is not responsible for personal financial losses.
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