- Analysts predict HBAR could hit $1.19 if Bitcoin reaches $100K.
- Hedera HBAR is priced at $0.1157, with a market cap of $4.13B, up 6.38% in the past week.
- HBAR is near the upper Bollinger Band at $0.118161, with an RSI of 55.91.
Egrag Crypto has recently highlighted a significant opportunity for Hedera (HBAR) investors. According to their analysis, if the HBAR/BTC pair retraces to the Fibonacci 0.702 level and Bitcoin (BTC) surges to approximately $100,000, the value of HBAR in USD could rise dramatically to $1.19. This potential growth presents a noteworthy profit-taking target for investors, marking a substantial gain from its current value.
The analysis from Egrag Crypto provides a compelling scenario for HBAR investors, with a potential for significant gains if the market conditions align as predicted. However, the current performance metrics indicate that while HBAR is on an upward trend, it has yet to match the broader market’s performance.
As of today, Hedera (HBAR) is trading at $0.1157, reflecting a 3.79% increase over the past 24 hours and a 6.38% rise in the past week. With a circulating supply of 36 billion HBAR, the cryptocurrency boasts a market capitalization of $4,130,913,543.
Despite this recent uptrend, HBAR’s performance lags behind the broader cryptocurrency market, which has seen a 17% increase over the same period. Furthermore, HBAR is also underperforming compared to similar Layer 1 (L1) cryptocurrencies, which have risen by 15.60% in the last seven days.
Analyzing the HBAR/USD price movements using technical indicators provides further insights. On the one-hour chart, the Bollinger Bands (BB) with a 20-day Simple Moving Average (SMA) and 2 standard deviations show that HBAR is currently near the upper band, around $0.118161. This positioning often indicates that the asset might be overbought. If the price touches or breaches the upper band, it could signal either a potential reversal or a continuation of the current bullish trend, depending on the supporting trading volume.
The Relative Strength Index (RSI), set to a 14-day period, currently stands at 55.91. The RSI is a momentum oscillator ranging from 0 to 100. A value of 55.91 suggests that HBAR is experiencing neutral momentum with a slight bullish inclination. However, it remains outside the overbought territory (above 70) and the oversold territory (below 30), indicating no immediate extreme price pressure.
