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Hedera Hashgraph (HBAR): Technical Analysis and Price Prediction

Hedera Hashgraph (HBAR): is $2 HBAR just a DREAM?
Hedera Hashgraph (HBAR): is $2 HBAR just a DREAM?

In a recent video, Nick a technical analyst discussed the recent price action of Hedera Hashgraph (HBAR) and shared their insights into its potential future movement.

Short-term outlook

On the 1-hour timeframe, Nick highlighted the shift from a bullish to bearish state of play. Various technical indicators, such as moving averages and low trading volumes, suggest a bearish outlook for HBAR in the short term. The target price range for a potential bullish rally is between 8.6 cents and 10 cents, with support at 3.9 cents.

Daily timeframe

On the daily timeframe, Nick discussed the importance of maintaining above 3.9 cents and overcoming the 200 EMA. A larger move towards 11 cents is considered in a one-to-one c-wave pattern. However, Nick remains cautious about a significant bullish market for HBAR and suggests the possibility of further downside.

Weekly chart

The weekly chart indicates a bearish trend with potential zigzag patterns. This suggests that HBAR could experience further downside in the coming weeks.

Social media influence

Nick also mentioned the impact of social media influencers on HBAR’s price. Nick noted that some influencers have been promoting HBAR heavily, which has led to a spike in buying activity. However, they also warned that this could lead to a sell-off if the price does not move in the desired direction.

Price prediction

Nick presented a speculative price increase to $2 in a bullish scenario. However, Nick cautioned that this is purely speculative and that HBAR is likely to experience further volatility in the near term.

Conclusion

Overall, Nick’s technical analysis suggests a bearish outlook for HBAR in the short term. However, Nick also acknowledged that there is the potential for a bullish rally if the price can overcome certain key resistance levels. Investors should carefully consider their own risk tolerance before making any investment decisions.

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