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Crypto analyst Egrag also shared a bullish analysis of Hedera Hashgraph (HBAR), predicting an increase of about 30x (2,900%). His latest chart analysis (HBAR/USD) provides an overview of where HBAR stands in the current market cycle, highlighting important Fibonacci retracement levels and key price points that can guide HBAR’s movement in the coming months.
At the time of Egrag’s analysis, HBAR is trading around $0.0553, with a recent low marked around $0.0355. This price action on the 2-week chart is occurring in conjunction with a key upward trend that has served as strong support several times since 2020. This trend, which spans many years, has held the HBAR price during downturns and corrections, except for one instance. December 2019.
Egrag also identifies several Fibonacci retracement levels, a popular tool used in technical analysis to identify potential support and resistance levels. These levels are based on the Fibonacci sequence, where each level corresponds to a percentage of the price movement between a significant high and low.
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In Egrag’s analysis, the chart shows a range of Fibonacci levels, from Fib 0 all the way down at $0.0355 to Fib 1.618 at $3.27. Each of these levels shows key value points for HBAR as it moves through this market cycle.
And according to Egrag, HBAR’s fundamentals are extremely strong and a 2,900% price increase is the absolute minimum. “Last cycle, ADA was up an incredible 17,000%! To put this in perspective, with the HBAR low at 0.036c, a 170X move would take you to almost $6! That’s why I’m into HBAR! Backed by a powerful Board of Directors, Hedera leads the charge with cutting-edge technology for seamless tokenization, delivering high-level performance, strong security, and unmatched compliance,” commented Egrag.
Key Hedera Fibonacci Levels (HBAR) in this Bull Run
Fib 0 – $0.03555: This is the lowest value on the chart, representing a local low recently established by HBAR. According to Egrag, this can be seen as a long-term support level and a significant historical low.
Fib 0.236 – $0.0687: Currently, HBAR is trading just below this Fibonacci level. It has served as a resistance point in recent weeks, making it an important breakout point for the upward momentum to continue. Historically, crossing the 0.236 Fib level usually signals the start of a bullish trend at higher retracement levels.
Fib 0.382 – $0.1034: The next important resistance level is Fib 0.382. A continued move above this area will indicate a bullish trend and a possible continuation to the upper Fibonacci levels.
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Fib 0.5 – $0.1438: The Fib 0.5 level is one that traders watch the most. It represents the psychological middle ground between the highs and lows of an asset. According to Egrag, $0.14-$0.15 is an important range for HBAR. “Until HBAR breaks above Fib 0.5 (0.14c-0.15c), everything else is just noise—time to stock up for what’s to come!” Egrag Claims.
Fib 0.618 – $0.2004: Known as the “Golden Ratio,” Fib 0.618 is one of the most important levels in Fibonacci analysis. A break above this level usually signals the end of a retracement and the resumption of the main trend. For HBAR, a move above $0.20 could generate significant bullish interest, paving the way for a move to new highs.
Fib 0.702 – $0.2529: Egrag marks this level as an important place to take profits. If HBAR reaches $0.25, it will represent a whopping 4.5x increase from current levels. This is the main objective of traders who want to lock in profits before the next important leg.
Fib 0.786 – $0.3199: Fib 0.786 is usually the last line of resistance before the stock retests its all-time high. Egrag identifies this as an important level, where many sellers may choose to sell some of their items.
Fib 1.0 – $0.5819: This level represents HBAR’s previous all-time high (ATH). Breaking past $0.58 would signal a complete recovery from the previous market cycle and set the stage for a new bull run. Egrag marks this as the main psychological level at which his profit-taking area begins.
Fib 1.272 – $1.2447: This is one of the extended Fibonacci levels, representing a point where HBAR can see more gains in a bullish market situation. Egrag points out that crossing ATH could push HBAR to this level, making it another important profit-taking area for long-term holders.
Fib 1.414 – $1.8513: If HBAR continues its bullish momentum, it could rise to this level, representing a major price extension. This level, according to Egrag, is where traders can choose to exit important parts of their assets, expecting a drop after a big rise.
Fib 1.618 – $3.27: The last profit zone marked on Egrag’s chart is Fib 1.618, also known as the “Golden Extension.” A move to $3.27 would represent a nearly 60x move from the current price and a staggering 170x upside from the low of $0.03555. Egrag views this as HBAR’s highest potential for this cycle.
Egrag concludes, “With its killer basics and advanced technology, the 30X gain is close, making HBAR my biggest play!”
At press time, HBAR traded at $0.0504.
The featured image was created with DALL.E, a chart from TradingView.com
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