Analyst’s Bold Hedera (HBAR) Forecast: Temporary Price Dip or Bitcoin (BTC)-Induced Freefall?

CrediBULL Crypto, a top cryptocurrency analyst, lately closed their levered long position on Hedera (HBAR) for a loss. Consequently, they have expressed concerns about the potential for a 10-15% drop in HBAR’s price. However, the analyst remains optimistic about the long-term prospects of the cryptocurrency, still targeting a price of $0.20 or higher.

Local Bottom Breached, Larger Demand Zone Looms

In a tweet, CrediBULL Crypto explained their decision to close the levered long position. Moreover, the level they expected to be a local bottom for HBAR was fully retraced. 

Significantly, they noted that while a reversal from the current level is possible, as HBAR is still holding the local demand zone, a loss of this support could lead to a 10-15% drop to the larger green zone below, potentially even breaching the last significant swing low.

Despite the potential for a short-term price correction, CrediBULL Crypto advised spot holders not to be overly concerned. Additionally, they suggested viewing any potential move down as an opportunity to add to positions before the “inevitable move to $0.20+.”

Previous Bullish Stance on HBAR

In a previous tweet, CrediBULL Crypto had expressed a bullish outlook on HBAR, stating that they had likely hit a local bottom. However, they cautioned that whether this was the ultimate bottom before a continuation to $0.20+ or just a temporary bottom would depend on Bitcoin’s (BTC) performance.

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According to the latest data from CoinMarketCap, Hedera’s price today is $0.108384, with a 24-hour trading volume of $102,237,917. At the time of writing, HBAR’s price was down by 12.87% aligning with the analyst’s forecast. However, CrediBULL Crypto remains confident in their long-term target of $0.20 or higher for the cryptocurrency.

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Samuel Munene
Samuel Munene

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