Hedera’s (HBAR) Bullish Trajectory: Experts Highlight These Key Price Levels But There’s a Catch
The cryptocurrency Hbar, the native token of the Hedera Hashgraph network, is exhibiting signs of bullish momentum according to technical analysis from crypto analysts. Analyst Egrag pointed out on X that his prediction of a pullback for Hbar on March 14th was accurate, demonstrating his ability to identify patterns and potential price movements.
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The Adam and Eve Formation
In a tweet post lately, Egrag confidently declared, “I told you so,” referring to his accurate prediction of a pullback on March 14th. Egrag’s analysis centers around the formation of an “Adam and Eve” pattern on Hbar’s price chart. This particular pattern, he explains, provides guidance for the next move with a weighted probability.
“If Hbar closes above $0.15, it will open the propelling stage to a minimum Fibonacci retracement of 0.702 in the very short-term,” Egrag stated in his March 14th post. Alternatively, a rejection from $0.15 would present a final opportunity to accumulate Hbar before its anticipated ascent.
Bullish Targets and Potential Setbacks
Moreover, echoing similar bullish sentiment is Nathan, a crypto analyst from MyCryptoParadise. According to Nathan’s technical analysis on TradingView, Hbar has exhibited notable market dynamics. He highlights the potential for Hbar to undergo a backtest on the support area around $0.099.
“If Hbar reaches this level, it needs to bounce to resume its upward trajectory, with the next target being the resistance area,” Nathan explains. “A successful breakout above this resistance probability could pave the way for reaching our target area.”
However, Nathan also cautions about the potential risks. “If Hbar fails to maintain support and bounces, it could be a concerning sign. This failure may lead to a breakdown below the support area, potentially pushing the price back towards the demand zone.”
At the demand zone, Nathan emphasizes the importance of a bounce, as it would enable Hbar to reclaim support and continue its upward movement. Failure to do so may result in further downward pressure.
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Show more +A Bullish Convergence
With both Egrag and Nathan sharing their bullish perspectives, the Hbar community anticipates the next possible price trajectory for the token. Egrag’s proclamation of “barbaric moves” ahead and the potential cycle top similar to that of Algorand, Cardano, and even XRP has only fueled the excitement surrounding Hbar’s future price action.
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