Hedera (HBAR) Price Prediction: Analyst Sees $1 on the Horizon

Key Takeaways:

• Hedera Hashgraph rose sharply from $0.075 to a three-year high of $0.367 within a year.
• Experts predict HBAR price might exceed $1 soon, considering recent price drops as temporary.
• A rise from HBAR's current price of $0.2988 to $1 represents a 234.9% growth potential.

The price of Hedera Hashgraph (HBAR) has increased sharply in recent weeks, rising from $0.075 last year to a three-year high of $0.367 on December 7.

In just the last month, Hedera has surged by about 440% as more investors began accumulating the coin, and the community grew more optimistic. However, in the previous 24 hours, the HBAR price has dropped over 7%, following a major decline in the overall cryptocurrency market.

The global crypto market experienced a sharp downturn over the past 24 hours, crashing by 5.27%. Bitcoin prices briefly dropped below $95,000, while leading altcoins like Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Tron (TRX) dropped by two digits in the last 24 hours alone.

This market crash led to over $1.76 billion being liquidated from 583,810 traders. Most of these liquidations affected long positions, which accounted for $1.58 billion, while short positions made up $184.51 million.

Related: Bitcoin Falls Below $98,000 Amid Weekend Liquidation Frenzy

HBAR Price Might Surpass $1 Soon

Hedera (HBAR) is also one of the altcoins that have dropped significantly in the last 24 hours. It fell from a 24-hour high of $0.3178 to a low of $0.2483 before rising slightly to $0.2988 at the time of this report. This is a decline of 5.56% in just one day.

However, crypto experts believe the recent price drops in the altcoin market are temporary. They see this as a regular part of every cryptocurrency bull cycle. As such, many are still optimistic about the future prices of cryptocurrencies like Hedera Hashgraph (HBAR), with predictions of a rise to $1 or higher for HBAR in the coming weeks.

ALLINCRYPTO, a crypto educator and technical analyst with over 15,200 followers on X, is one of those optimistic analysts. He uses a method he calls “Phase Analysis” to predict prices.

An update on $HBAR's chart which is currently in phase 2, an uptrend which may lead Hedera Hashgraph towards a $1.00 price target and likely, beyond 🌌 pic.twitter.com/NUiBZeh2g7

— ALLINCRYPTO (@RealAllinCrypto) December 9, 2024

He explains that the market has four phases: a base phase, an uptrend phase, a top phase, and a downtrend phase. The analyst believes Hedera Hasgraph (HBAR) is currently in the uptrend phase, which means it could soon enter the top phase.

As such, the crypto analyst boldly stated that the looming uptrend in the HBAR price might lead it toward a $1.00 price target and, likely, beyond.

Recall that Hedera reached its highest in September 2021, hitting $0.5701. It is now approximately 48.52% lower than that peak. However, if Hedera's price increases from $0.2988 to $1, it would represent a growth of around 234.9%, a percentage increase achievable in this bullish market cycle.

Meanwhile, ALLINCRYPTO is not alone in his positive outlook. Other analysts also predict that Hedera's price could reach between $3 and $5 at the peak of this bull run.

Hedera Hashgraph Technical Analysis

These predictions may seem overly optimistic, but technical indicators and recent events, such as partnerships and increased adoption, suggest that the Hedera Hashgraph token (HBAR) could rise in price in the coming months.

Currently, HBAR is trading significantly above its 50-day Moving Average (MA) of $0.1275 and its 100-day MA of $0.0902. This indicates strong upward momentum for the medium and long term. These moving averages show that HBAR has solid support at lower price levels and is on a bullish path.

Looking at technical analysis, the Bollinger Bands set the upper resistance at $0.39025 and support at $0.233246. HBAR is currently trading above its Bollinger Average of $0.2252, which suggests that buyers are in control. The recent price breakout points to strong upward momentum, with bulls looking to test the upper resistance levels.

For HBAR to reach $1, it must first overcome important resistance levels at $0.40 and $0.60, backed by strong trading volume and momentum. Data shows that trading volume is steadily increasing, indicating that more market participants are optimistic about HBAR.

If the buying pressure continues, HBAR's next target could be the $0.75-$0.85 range, setting the stage for reaching $1.

Related: Tron Hits $0.44 All-Time High: Can TRX Break $1 This Cycle?