HBAR Encircled With Optimistic Updates, Can It Attain 200% Gains?

• 1 Recent trading sessions reflected low liquidity but suggested there was potential for significant price surges.
• 2 The partnership between HBAR and NBA in the Nordics can enhance HBAR’s user-friendliness and market value.
• 3 The HBAR price tests this support for the third time; historical patterns suggest the potential for a more than 200% surge.

HBAR, the core cryptocurrency of the Hedera Hashgraph network, constitutes 71.52% of its total 50 billion coin supply in circulation. The market cap is currently valued at $2.985 Billion, having risen by 2.34% within a day, while trading volume has seen a 41.97% decline to $46.227 Million. A 24-hour volume-to-market cap ratio of 1.56% suggests lower liquidity, often indicative of potentially less stable market conditions.

On the daily price chart, Hedera (HBAR) had traded earlier within a tight range for most of 2023, usually under the $0.07200 price mark. However, a strong support level at $0.04500, defended by bullish momentum, led to a breakout on October 20th, 2023. It pushed the price beyond the $0.07200 resistance.

Moreover, this level of $0.07200 has since become an essential support, with the price reaching new highs each time it has touched this base. The first rally from $0.07200 support soared to $0.13975, and the second escalated to $0.18350, marking gains of more than 100% and 150%, respectively.

HBAR/USD. 1.D. Price Chart | Source: TradingView

As HBAR price tests this support for the third time, historical patterns suggest the potential for an over 200% surge, targeting a price point of $0.22000.

HBAR Shared a Major Optimistic Update!

According to an X repost of Tuum Technologies (@TuumTech)by the HBAR foundation, the recent integration of the Hedera Smart Contract Service with MetaMask via Snaps is a significant advancement for HBAR crypto.

Furthermore, this integration would offer users better accessibility, increased interoperability, and native functionality. Likewise, this could enhance its streamlined user experience and improve developer engagement for the platform.

This update looks pretty optimistic, as it would likely enhance Hedera’s user-friendliness and accessibility by fostering greater adoption and elevating the HBAR crypto’s utility and market value.

HBAR Has Partnered With The NBA To Thrive In The Nordic Region

The HBAR Foundation announced on X that they have partnered with the Nordic Blockchain Association (NBA) to promote blockchain and Distributed Ledger Technology (DLT) adoption in the Nordic region.

Meanwhile, this partnership aimed to fund blockchain projects in the region, develop supportive legislation, and nurture a thriving ecosystem.

Moreover, this collaboration is considered a highly optimistic development for the HBAR crypto. It can enhance HBAR’s visibility and contribute significantly to creating a more innovative blockchain ecosystem.

Above all, this partnership reflects its commitment to boosting HBAR’s adoption, spurring innovation, and attracting investment.

HBAR Price Forecast and Indicators’ Overview!

When writing, HBAR price was $0.08340 with an intraday gain of 3.54%.

If it rebounds successfully from the current level and beats the dynamic resistance, the nearest targets would be $0.12050 and $0.13975.

If HBAR cannot manage the current support level of $0.07200, it could reach the $0.05750 and $0.04530 marks.

Its indicators are fuzzy due to a lack of liquidity and mixed signals. The MACD shows a bearish cross, the price is approaching dynamic resistances, and the RSI is at 38.02. It shows a U-turn from oversold to the overbought.

Summary

HBAR, the native crypto of the Hedera Hashgraph network, has shown lower liquidity in recent trading but has the potential for significant price surges.

The partnership between HBAR and NBA in the Nordics will enhance HBAR’s user-friendliness and market value. At press time, HBAR price was at $0.08340, with the potential to reach targets of $0.12050 and $0.13975. Its support levels are $0.05750 and $0.04530.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.