Hedera (HBAR) Price Prediction 2023 – When will HBAR hit $10?
At the beginning of 2022, many coins showed a noticeable movement, and Hedera Hashgraph is one of them. From the beginning of 2021, the coin provided the maximum gain of 1637% to an all-time high at 0.51751 level. However, it began to lose the buying momentum from September 2021 level but still remained above the 43% yearly gain.
Hedera Hashgraph is a trust layer of the internet that works through the public network by enabling individuals and companies to develop decentralized apps. The strength of this network is the fairer and more efficient system with a few limitations like older blockchain-related platforms in terms of showing performance and instability.
This project came into operation from initial coin offering (ICO) in August 2018 and launched the open-access of its main net in September 2019. Besides allowing investors to buy HBAR utility tokens, it offers a dual role in the network that includes smart contracts and transactions. This blockchain uses the proof-of-stake public network where making transactions with low bandwidth consumption is possible.
The current circulating supply of this token is 18.09B HBAR from the maximum supply of 50B HBAR. The current market cap is $4,261,625,853, while the trading volume for the last 24 hours was $102,734,354.
The noble type distributed ledger technology is the core strength of the HBAR token, whereas more than 10,000 transactions per second are possible. So, in the Hedera Price Prediction, is HBAR a good investment?
Let’s see the Hedera (HBAR) price prediction from the HBAR Price Prediction:
Hedera (HBAR) Bulls Need To Find A Rebound
In the HBAR/USDT daily chart, the price is trading within a bearish trend where the new swing low at 0.2111 and 0.1860 increased the bearishness. Moreover, the most recent price moved within a bullish channel where any bearish breakout would be an alarming sign for bulls.
In the indicator window, there is a crossover in Aroon where Aroon Down (red line) moved above the Aroon Up (green line), indicating that the early market trend turned bearish. Moreover, the recent failure to hold the price above the dynamic 20 EMA opened another bearish opportunity in this pair where there is no sign of a significant change in volume bars.
Based on the current price context, investors should find a daily candle below the 0.2211 level to confirm the channel breakout where the ultimate target is towards the 0.1500 level. In that case, bulls should wait for a new higher high to open a question regarding the current bearish trend where the bullish rejection from 0.2211 might increase the buying opportunity towards the 0.2690 level.
HBAR/USDT Ichimoku Cloud Analysis
According to the Ichimoku cloud analysis, HBAR/USDT market trend in the H4 timeframe is corrective where the recent price is above the 0.2211 support level while the future could be bullish. The Senkou Span is above the Senkou Span B in the future cloud, while the lagging span is closer to the price. In that case, a vital bullish sign above the Cloud resistance may increase the existing market trend from bearish to bullish.
The above technical analysis shows how the RSI reached the overbought 70 level and rebounded lower below the 50 level. On the other hand, dynamic Tenkan Sen and Kijun Sen are above the price and show a corrective movement.
In the Hedera Hashgraph Price Prediction, the bearish pressure is valid as long as the price trades below the Kumo Cloud, where the break below the 0.2211 static level might extend the selling pressure towards the 0.1860 level. On the other hand, bulls should find the price above the Kijun to consider it a buy where the ultimate target is towards the 0.3000 level.
HBAR/USDT Intraday Price Action Analysis
According to the H4 price action, HBAR/USDT market trend is bearish, where the current selling pressure from 0.2690 swing high pushed the price below dynamic 20 EMA with an impulsive pressure. Meanwhile, the selling pressure came with a substantial sell volume from 0.2577 and 0.2390 levels. Therefore, bears should closely monitor how the price trades at the 0.2211 level, where any selling pressure would confirm the double bottom pattern at the 0.2690 level.
The above technical analysis shows that the MACD Histogram formed the NPN structure where the MACD line is above the Histogram and sloped down. On the other hand, the price moved below the weekly VWAP with selling pressure in the coming days.
Therefore, any bearish H4 close below the 0.2211 level would increase the selling pressure towards the 0.1860 area. On the other hand, any rebound from the 0.2211 level with a bullish H4 close above the dynamic 20 EMA may change the trend from bearish to bullish and open rooms for testing the 0.3000 area.
Is Hedera (HBAR) A Buy?
According to the Hedera Forecast, HBAR/USDT is not a buy as the current market trend is heading lower with an impulsive bearish pressure. There are no signs of buyers’ activity within the 0.2690 to 0.2211 area, where any bullish rejection from the bottom would be a short-term bullish opportunity. Conversely, the bearish pressure below the 0.2211 level might need a HODLing approach to find the buying opportunity from the 0.1860 support level.
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