- HBAR enters a crucial phase as traders monitor key support and resistance levels.
- Analysts predict significant long-term growth potential for HBAR amid market shifts.
- HBAR needs sustained buying strength to reclaim momentum and avoid further declines.
Hedera (HBAR) reached a daily high of $0.402 on Friday, but more investors overturned the price. After an 18.40% monthly growth, the token faced strong resistance and fell back to $0.321 on Wednesday. The traders are now watching for HBAR’s next direction in relation to certain resistance and support points.
Bearish pressure increased on Sunday as the HBAR price dropped by 8.48% to $0.324. However, buyers came back into the market on Monday, and the price rose as high as $0.373 intra-day. On Tuesday, the token dropped to around $0.327 after declining by almost 3%. At press time, Hedera is trading at $0.3213, with a market capitalization down by 3.75%, reaching $12.29 billion. The 24-hour volume stands at $588.02 million, a decline of 39.49% over the past day.
HBAR Targets Long-Term Growth
Analyst Egrag Crypto provided an intriguing outlook on HBAR in a recent post. He shared a detailed chart highlighting several key historical price moves and projections. HBAR has seen massive surges, including a 2,040% rise from $0.034 to $0.559.
His latest projection sees the potential for a 2,040% surge, targeting $2.43 as a possible long-term peak. He described this as a “barbaric move” but warned that the outcome could swing in either direction.
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HBAR Key Levels
The trading community will monitor HBAR over the weekend to see if it recovers its buying strength or if the selling intensity continues to rise. These key support and resistance points around $0.30 and $0.40 will guide HBAR price movements during the next market cycles.
The analysis and HBAR’s price history suggest that the token is in a crucial phase of its life cycle. Its future market direction would be greatly influenced by its performance in the following days.
