Hedera Hashgraph (HBAR) Price Prediction: Potential knife-catch targeting $1 by 2024

Hedera Hashgraph (HBAR) Price Prediction Potential knife-catch targeting $1 by 2024

In Short

  • Hedera hovers between two key Fibonacci levels.
  • The RSI is back above support on higher time frames as volume continues to decline.
  • Invalidation of the bullish thesis will be the  $0.03 thrust candle that Occurred in January of 2021.

Hedera Hashgraph could be coming into a market bottom. Key levels have been identified.

HBAR price is near the lows

Hedera Hashgraph (HBAR) is one of those “keep a close eye” cryptocurrencies that could pull off good gains for both short-term and long-term investors. At writing, HBAR is witnessing a stalemate just below the $0.06 barrier. On Monday, October 3rd, the bears rejected the bullish attempt to soar higher by flexing shorts near the 8-day exponential moving average. Although the downtrend is still intact, the volume is consistently tapering off on higher time frames suggesting that the downtrend’s power could be waning off.

Hedera Hashgrah’s price currently auctions at $0.057. The Relative strength index has hurdled back above supportive levels on the 3-day chart. This could catalyze a trickle-down effect into smaller time frames creating an influx of volatility for day-traders to enjoy.

HBAR USD 3-Day Chart
HBAR USD 3-Day Chart

However, traders should remember that HBAR hovers between two key Fibonacci levels. The 61% Fib level of $0.046 stands 20% below the current market value, while the 50% Fib is 30% above. Orders are likely stacked near the lower level Fib, and it is very likely that if the true market bottom is here, retail traders will likely get front-run. 

This thesis endorses the idea that a new low will be formed but warrants the necessity of watching the HBAR price once the new low is formed. It is possible that a V shape recovery could occur based on the RSI divergences in multiple time frames.

HBAR should have no problem rallying into the 50% Fib level if the market is genuinely bullish. However, the 38.2% fib level could also get tagged towards $0.12 in the coming weeks resulting in a 100% profit. If the market bottom holds, HBAR could be on its way towards $1.00 as early as Q1 2024. Once the new low occurs, invalidation of the knife-catch scenario will be the $0.03 thrust candle that occurred in January of 2021.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.