Hedera Hashgraph Price Forecast: Will HBAR Keep Outperforming the Market?
- Hedera Hashgraph has gained approximately 73% in 2023.
- The upside move has gone almost vertical but engages with an enormous resistance zone.
- Breaching the trend might mean an early exit sign and catalyze a 27% drawdown.
HBAR Recording Attractive Gains
Hedera Hashgraph outshined nearly all assets in the crypto world in 2023, with the scalable ‘smart’ contact coin gaining 73% since 1 January. The impulsive upside has only seen four notable red days, with each pullback triggering a less than 2% drop. The other two weeks have remained remarkably bullish, ensuring more returns to buyers as the days go by.
While publishing these updates, Hedera Hashgraph changed hands at nearly $0.060. The VPI (Volume Profile Indicator) has reflected persistent increments in transactions during the upsurge, which shows bulls are determined to explore higher targets.
The RSI (Relative Strength Index), an indicator for measuring market bias by comparing previous declines and rallies, confirms that HBAR price soars within overbought conditions past 80. The RSI has never been this elevated since March last year when HBAR climbed to $0.25.
Yet HBAR’s price finally failed during the surge, losing around 86% within a year. Therefore, enthusiasts should practice lucrative risk supervision during the ongoing upward rally. The next upside target is $0.074 (October’s swing peak), which may lead to a 20% surge from HBAR’s current price.
The earliest signals of a failed trend might be the ruining of the somewhat vertical trend line that has presented HBAR support during the crypto’s ongoing rally. Breaching the indicator might trigger dips, aiming for the 50 and 61.8% FIB Retracement zones of the 73% surge. The throwback case would form grounds for a 27% dip from Hedera Hashgraph’s current price.
The crypto space remained healthy on Friday, with the global market capitalization flashing a 1.60% 24hr surge at $982.19 billion. However, it reflects a slight dip from the recent surges that took the metric past the $1 trillion mark.
Maintaining the current stance would support further price surges. Bitcoin holds beyond $21K, changing hands at $21,095 after losing 0.27% over the last hours. Meanwhile, BTC gained 1.45% within the last day (Coinmarketcap data).