Crypto analyst EGRAG CRYPTO has shared a detailed technical analysis of Hedera (HBAR), forecasting a potential 7X price increase to around $2.10.
The analysis points to specific Fibonacci levels and historical patterns that suggest HBAR could reach $2.10, while Bitcoin continues its upward trajectory toward $120,000-$140,000.
Technical indicators on Egrag’s chart show HBAR forming a rounded bottom pattern between 2021 and 2023, marking an extended accumulation phase. The current price hovers near the 0.786 Fibonacci retracement level around $0.2967, establishing a support zone that may precede future price movement.
Trading data reveals strong support at $0.0447, with intermediate Fibonacci levels at $0.1441 and $0.2004 serving as previous resistance points during the consolidation period. These levels have created a foundation for potential upward momentum.
What you'll learn 👉
Historical Data Supports Bullish Outlook
Chart analysis demonstrates a notable symmetrical pattern from 2020, when HBAR price broke out of a similar consolidation phase. The current market structure mirrors this previous movement, suggesting comparable price action might unfold.
The technical assessment identifies multiple price targets based on Fibonacci extensions. The first resistance sits at $0.584, followed by $1.25 near the 1.272 extension. The analysis projects a final target of $3.29 at the 1.618 extension level.
Read also: Here’s Why Solana (SOL) Price Could Be Set for a Rally to New All-Time Highs
Bitcoin Correlation and Market Dynamics
Market data indicates HBAR’s price movement correlates with Bitcoin’s performance.
The analysis suggests HBAR will maintain its current trading range until Bitcoin reaches specific price milestones. EGRAG CRYPTO notes that HBAR’s anticipated bull run aligns with Bitcoin’s projected movement toward $120,000-$140,000.
Trading volumes and price action show consolidation between the 0.786 and 0.702 Fibonacci zones. This range-bound activity could persist while broader market conditions develop, setting the stage for potential breakout scenarios in line with historical patterns.
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