HBAR Coin Price: Its Latest Analysis and Predictions

Bittime - Hedera (HBAR) has become one of the crypto assets that will steal attention at the end of 2024. After showing impressive performance, HBAR showed signs of continuing the positive trend at the beginning of this month. However, towards the end of January, it seems that this bullish momentum is starting to fade.

With this change in trend, HBAR price is at risk of a significant decline if no steps are taken to change the current outlook. Below is a further analysis of this situation.

Canceled HBAR Bull Flag Pattern

On January 16, HBAR managed to soar to a price of $0.40. However, after that, the price experienced a decline and moved in a range between $0.35 and $0.37. This decline forms a bull flag pattern on the 4-hour chart, which usually indicates that the range-bound price movement is only temporary before resuming the uptrend.

HBAR/TradingView@Victor Olanrewaju Predictions

The bull flag pattern itself consists of two parts: a “flagpole,” which is a sharp upward movement, followed by a period of consolidation that forms a rectangular pattern, called a “flag.” However, on January 20, HBAR price fell below the pattern's support line at $0.35. The drop invalidated bullish predictions and extended the decline, with the cryptocurrency's market value now at $0.32.

Read too How to Buy Hedera (HBAR)

Chaikin Money Flow (CMF) Indicator Analysis

Further analysis on the daily chart shows that the Chaikin Money Flow (CMF) indicator also supports these signs of decline. CMF ranges from -1 to +1, measuring the rate of accumulation and distribution around a cryptocurrency. Values ​​close to + indicate high accumulation, while values ​​close to -1 indicate increasing distribution.

CMF HBAR/TradingView@Victor Olanrewaju

Currently, the CMF on the daily chart of HBAR/USD has fallen below zero. A drop below this neutral area indicates that buying pressure on this altcoin has reduced. Instead, these tokens are facing increased selling pressure. If this CMF reading continues to decline, then the HBAR price may follow the trend.

Read too What is the Hedera ETP (HBAR)?

HBAR Price Prediction: Double-Digit Drop Possible

HBAR price decline has also seen it fall below the 0.786 Fibonacci retracement level, which is an important resistance zone. A drop below this level indicates that the token's ability to withstand further declines has weakened significantly. Therefore, it is unlikely that HBAR will experience a quick rebound any time soon.

HBAR to USDT via Market Endtime

Thus, further declines can be expected as selling pressure increases. If this trend continues, HBAR price could fall towards the 0.50 Fibonacci retracement point of $0.22, which would mean a decline of around 30%.

Potential for Positive Change in HBAR

However, this expected price drop may not occur if demand for the token increases. There is speculation that HBAR, as a US-founded cryptocurrency, could find a place in Donald Trump's crypto reserves. Additionally, approval for the HBAR exchange-traded fund (ETF) could also influence price movements positively.

HBAR predictions source: TradingView@Victor Olanrewaju

If things happen sooner than expected, then a 30% drop may not materialize. On the other hand, HBAR could continue its rise past $0.40 and near $1.

FAQ about HBAR Coin

1. What is Hedera (HBAR)?  

Hedera (HBAR) is a blockchain platform designed for speed and efficiency, enabling fast transactions and low fees. HBAR is the native token used to pay transaction fees and services on the Hedera network.

2. Why has the price of HBAR decreased recently?  

HBAR price experienced a decline as it lost bullish momentum, with a drop below an important support level and increasing selling pressure in the market.

3. What can affect the price of HBAR in the future?  

The price of HBAR can be influenced by factors such as retail adoption, positive regulatory news, and the potential launch of an exchange-traded fund (ETF) that could increase demand for the token.

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Reference

Victor Olanrewaju, Hedera (HBAR) Bullish Momentum Stalls, Potential 30% Decline Ahead, Accessed January 27, 2025

Author: IN