Cryptocurrency analyst Tony M. talks about an altcoin project that is likely to rise sharply. The analyst interprets the levels and positive/negative price movements that need particular attention. Here are the details…
Analyst bullish for popular altcoin HBAR
Analyst Tony M., in his most recent article, pointed out that Hedera Hashgraph has the potential to rise by as much as 2,000 percent. According to the expert, investors should keep the smart contract focused altcoin on their watchlist. You should also consider the one dollar cost averaging approach for the investment. The analyst even refers to Hedera Hashgraph as “the dormant crypto giant of the week”. Technical factors suggest that the coin could rise by 2,000 percent when the markets are truly bullish.
Hedera Hashgraph is currently available for $0.07. The coin hit all-time highs at $0.55 in September 2021. It has since witnessed a 90 percent decline. While analyzing the techniques, it appears that the HBAR price witnessed its first macro move. The impulsive and steep correction is seen as a move set to hurt in the bullish environment.
HBAR should be on investors’ watch list
According to the analyst, Hedera Hashgraph price could very well bottom out at current price levels. The next macro impulse will target $1.50, a conservative level that results in a 2,000 percent increase from today’s current market cap. On the other hand, Tony M. points to the Volume Profile Indicator. He argues that this indicator also confounded the macro thesis, as it produced a significant drop in the midst of the current 90 percent drop. According to the analyst, when all factors are combined, the HBAR price shows optimistic long-term numbers. Therefore, it should remain on every investor’s watch list.
According to the analyst, the dollar cost approach may be a good option for investors looking to buy HBAR, as prices may drop further in the future. The next bearish target is $0.03, resulting in an additional 60 percent loss. Early evidence of the weakness of the current uptrend would be a break at $0.067. Overriding macro factors could drag HBAR below the starting point at $0.0091.
More about HBAR
Hedera allows individuals and businesses to build powerful decentralized applications (DApps). It is the most used, sustainable, enterprise-level network for the decentralized economy. It focuses on removing some of the limitations faced by legacy Blockchain-based platforms such as slow performance and instability. It is designed to be a fairer, more efficient system. As Krptokoin.com reported, it was funded by an initial coin offering (ICO) in August 2018. It first launched open access to its mainnet in September 2019, a little over a year later.
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