Analyst Touts Hedera’s (HBAR) Potential 30X Move Similar to Cardano’s (ADA) “17,000% last cycle” – Here’s His Outlook
Amid the ongoing cryptocurrency market volatility, the Hedera-powered HBAR token has caught the attention of analyst Egrag Crypto, who believes it could outperform even the surge witnessed by Cardano (ADA) during the previous market cycle.
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Outshining Cardano’s Gains
In a tweet, Egrag Crypto highlighted the potential for HBAR to deliver extraordinary returns, stating, “#HBAR Potential for 30X Minimal!!! #ADA surged 17,000% last cycle, but I believe #HBAR, powered by #Hedera, could outperform.”
While Cardano’s ADA token experienced a 17,000% increase during the last bull market, the analyst envisions even greater upside potential for HBAR, backed by the robust infrastructure and capabilities of the Hedera network.
Hedera’s Governing Council and Advanced Technology
Egrag Crypto highlighted Hedera’s “massive Governing Council” and its support for “advanced technology for seamless tokenization, offering unmatched performance, security, and compliance” as key factors underpinning HBAR’s potential.
The Hedera Governing Council, comprising leading organizations from various industries, lends credibility and oversight to the network’s operations, ensuring transparency and accountability.
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Show more +Technical Analysis and Profit-Taking Targets
From a technical perspective, Egrag Crypto noted that HBAR is currently consolidating above the Fibonacci 0.382 level, indicating potential for a move towards the 0.702 level, or approximately $0.25.
Moreover, the analyst identified major profit-taking levels at HBAR’s all-time high (ATH) and Fibonacci levels of 1.272, 1.414, and 1.615, suggesting substantial upside potential if these targets are reached.
Promising Fundamentals and Technical Setup
Furthermore, combining HBAR’s promising fundamentals and favorable technical setup, Egrag Crypto expressed confidence in the token’s prospects, declaring, “With promising fundamentals and technical, a 30X increase is plausible, making #HBAR my major macro play.”
The analyst’s bullish outlook on HBAR is further reinforced by the call to action, “#Hbarbarians Get Ready For Barbaric Moves,” rallying the HBAR community to prepare for potentially significant price movements.
Current HBAR Price
Additionally according to the latest data from CoinGecko, the price of HBAR is currently hovering around $0.1008, representing a dip of 4.08% over the past 24 hours.
As the crypto market shiftst, the Hedera-powered HBAR token has emerged as a compelling opportunity in the eyes of analyst Egrag Crypto, who envisions its potential to surpass even the gains witnessed by Cardano during the previous market cycle.
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