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Cryptocurrency analyst Egrag once again shared a bullish analysis of Hedera Hashgraph (HBAR), predicting a potential increase of 30x (2,900%). His latest work Chart analysis (HBAR/USD) provides a perspective on HBAR’s position in the current market cycle, highlighting key Fibonacci retracement levels and critical price points that could guide HBAR’s movement in the coming months.
At the time of Egrag’s analysis, HBAR is trading at approximately $0.0553, with a recent low of $0.0355. This price action on the 2-week chart is occurring along a major uptrend line that has served as strong support several times since 2020. This trend line, spanning several years, has held HBAR price steady through dips and corrections, with the exception of one case in… December 2019.
iGrage also identifies several Fibonacci retracement levels, a popular tool used in technical analysis to identify potential support and resistance levels. These levels are derived from the Fibonacci sequence, where each level corresponds to a percentage of price movement between a significant high and low.
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In Egrag analysis, the chart displays a range of Fibonacci levels, ranging from Fib 0 at the absolute low at $0.0355 to Fib 1.618 at $3.27. Each of these levels indicates critical price points for HBAR as it moves through this market cycle.
According to Igraj, HBAR’s fundamentals are very strong, and a price rise of 2,900% is the absolute minimum. “In the last cycle, ADA was up a staggering 17,000%! To put this into perspective, with HBAR bottoming out at 0.036c, a 170X move would take it to around $6! That’s why I’m in HBAR! Backed by a strong board, Hedera is leading the charge by using the latest technologies for seamless coding, delivering high-level performance, extremely strong security, and unparalleled compliance,” notes Egrag.
Key Fibonacci levels for Hedera (HBAR) on this upward trajectory
VIP 0 – $0.03555: This is the lowest price on the chart, and represents the local bottom recently created by HBAR. According to Igraj, this can be considered a long-term support level and a significant historical low.
Fib 0.236 – $0.0687: Currently, HBAR is trading just below the Fibonacci level. It has served as a point of resistance over recent weeks, making it a crucial area to break out for continued bullish momentum. Historically, a break of the 0.236 Fibonacci level often signals the beginning of an upward movement towards higher retracement levels.
Fib 0.382 – $0.1034: The next critical resistance level is Fib 0.382. A sustained move above this area indicates increasing bullish momentum and a potential continuation towards higher Fibonacci levels.
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Fib 0.5 – $0.1438: The Fib level of 0.5 is one of the most closely watched levels by traders. It represents a psychological midpoint between the highest and lowest price of an asset. According to Egrag, $0.14-$0.15 is a critical range for HBAR. “Until HBAR exceeds Fib 0.5 (0.14c-0.15c), everything else is just noise – time to build up to what’s coming!” Egger claims.
Fib 0.618 – $0.2004: The Fibonacci ratio of 0.618, known as the “Golden Ratio”, is one of the most important levels in Fibonacci analysis. A break above this level often signals the end of the correction and the resumption of the underlying trend. For HBAR, a move above $0.20 could generate significant bullish interest, paving the way for a move towards new highs.
Fib 0.702 – $0.2529: Egrag refers to this level as an important profit-taking area. If HBAR reaches $0.25, it would represent a significant 4.5x increase from current levels. This is a prime target for traders looking to lock in profits before the next big rally.
Fib 0.786 – $0.3199: The 0.786 Fib level is often the last line of resistance before the asset retests its all-time highs. iGrage identifies this level as a crucial level, where many traders may choose to sell some of their holdings.
Fib 1.0 – $0.5819: This level represents the previous all-time high (ATH) for HBAR. Crossing $0.58 would signal a full recovery from the previous market cycle and pave the way for a potential new bullish wave. Egrag refers to this as the key psychological level where the take profit zone begins.
Fib 1.272 – $1.2447: This is an extended Fibonacci level, and represents the point where HBAR could see additional gains in a bullish market scenario. Egrag states that exceeding ATH could push HBAR towards this level, making it another key profit-taking area for long-term holders.
Fib 1.414 – $1.8513: If HBAR continues its bullish momentum, it could rise towards this level, marking a major extension for the price. This level, according to Iggrage, is where traders may choose to exit large portions of their holdings, anticipating a slowdown after a significant uptrend.
Fib 1.618 – $3.27: The final take profit zone marked on the Egrag chart is the 1.618 Fib, also known as the “Golden Extension”. A move to $3.27 would represent a move of nearly 60x from the current price and a staggering 170x increase from the local low of $0.03555. Egrag sees this as the maximum upside potential for HBAR this cycle.
“With its killer fundamentals and cutting-edge techniques, 30x gains are on the horizon, making HBAR my top overall game!” concludes Igraj.
At press time, HBAR was trading at $0.0504.
Featured image created with DALL.E, a chart from TradingView.com