Hedera (HBAR) bulls to attempt $0.077 for the second time?
At the end of the bearish phase of most cryptocurrencies, enthusiasts are looking for the best altcoin for the next ten years. Hedera could be the right option for you. HBAR price forms a triangle pattern; after the token unlocking, if it breaks the resistance, you can expect long-term bullishness.
In this HBAR price analysis, we are going to share the current HBAR price action, technical analysis, and recent updates that impact its price in the long term!
Will HBAR break its triangle pattern?
At the time of writing this post, Hedera (HBAR) was trading at $0.046. HBAR has been navigating a crucial price territory, with an initial resistance level set at $0.055. After that, the next resistance will be around $0.067.
Since May 2022, Hedera’s price movements have been forming a triangular pattern. Notably, the current price is trading below the 50 Days EMA, indicating a bearish sentiment. The Relative Strength Index (RSI) stands at approximately 45, suggesting a balanced market sentiment.
The triangle pattern that has been taking shape over the past year is approaching a critical juncture. It is expected that this pattern will see a breakout or breakdown by the end of this year. In the short term, there is a possibility of a bullish move with a target price of $0.077.
However, the long-term outlook is more bearish due to the formation of lower highs within this triangle pattern. Moreover, the upcoming token unlock event could further influence the price in a bearish direction. This could show a ‘trapping’ opportunity for bearish traders.
When the price breaks out of the triangle pattern, the traders will create new short positions, and the price might reverse, as observed at the beginning of this year. Back then, HBAR’s price made a remarkable leap from $0.036 to $0.09.
Indeed, Hedera’s price analysis suggests a crucial juncture with potential for both bullish and bearish moves. Traders and investors should closely monitor the $0.055 resistance and consider the implications of the impending token unlock.
HBAR and $1 Price Target: Can It Turn True?
Achieving a $1 price target for HBAR could be a long-term game. Based on our Hedera price prediction, the price could cross the $0.101 mark by the end of 2023. In 2025, HBAR might reach a maximum of $0.162. However, it may take until 2040 for Hedera to climb to the $1 milestone. Patience and a long-term perspective are key for investors aiming for that $1 price target.
How will the Crypto Unlock affect HBAR price?
The upcoming crypto token unlock event for HBAR is creating a buzz in the crypto world. Token unlocks, in simple terms, involve releasing assets that were previously locked away in the crypto market. This can have a significant impact on various aspects of the market, including liquidity, trading volume, and overall price dynamics.
In the case of HBAR, we are looking at a substantial release of 1.5 billion HBAR tokens. To put it into perspective, this amounts to 3.48% of the current token supply and is valued at around $65 million. Now, that’s no small change!
The reason tokens are locked in the first place is to maintain price stability and prevent sudden market fluctuations. When a large number of tokens are unleashed into the market, it can lead to oversupply and put downward pressure on prices. However, the outcome is not always negative. If the project has strong fundamentals and community support, more investors might be enticed to join in.
Conclusion
For now, it is essential for investors to keep an eye on the triangle pattern and upcoming token unlocking in Hedera. Make sure you do your research on the fundamentals of Hedera before investing your money after consulting with your financial advisors.