Hedera Hashgraph’s Hedera (HBAR) token is currently facing downward pressure as the global crypto market is in turmoil. However, the HBAR price is poised for a notable upsurge, primarily driven by the platform’s major developments.
HBAR Price To Reach $1.9: Analyst Insights
Crypto enthusiast Merlijn The Trader shared an X post, predicting the HBAR price’s potential upswing. Positing that a higher move is imminent, the trader wrote, “HBAR is ready for liftoff.” According to his analysis, the HBAR price will reach a high of $0.3 in the near future.
Notably, Merlijn The Trader’s analysis highlighted HBAR’s robust retest of a crucial resistance level, maintaining its parabolic structure and gaining momentum for a potential upward move.
Meanwhile, another prominent figure, Solberg Invest, provided a more ambitious forecast. According to the crypto aspirant, the HBAR price could reach even the $0.9 mark.
Is History Being Repeated?
In his X post, analyst Rekt Capital, HBAR’s Relative Strength Index (RSI) showed overbought signs, similar to those seen in 2021. Thus, HBAR’s price has pulled back to a specific area, marked as an orange circle within the graph.
In 2021, when HBAR’s price stabilized around $1.5, it sparked a significant bullish rally. The rally pushed the token to a high of around $5. With HBAR currently hovering around the same level as in 2021, the analyst predicts a potential repeat of the previous rally, driving the token’s price even higher.
Meanwhile, CryptoELITES, a well-known analyst, has set an even more bold target of $75 for HBAR. As of press time, the HBAR is trading at $0.2442, marking a dip of 3.8% in a day. Over the last week and month, the token has seen massive declines of 21.4% and 22.6%, respectively. Only time will tell if the token can reach this lofty goal.
What Drives HBAR Price Surge?
“I think for this cycle, for example, a lot of people have been talking about the dinosaur altcoins, for example, that have caught a bid,” stated David Duong, head of research at Coinbase. Duong highlighted the surprising return of “dinosaur” altcoins, including HBAR, XRP, and Solana. According to him, the recent crypto crash has resulted in the rally of these tokens. Duong stated,
I think that money is going to finally go into an XRP, into a Cardano, into an HBAR. Hedera is great. It’s a great protocol, and I think anybody who goes in, especially right now, they’ll reap the benefits of it six to eight months down the line.
Similarly, Hedera has announced its first-ever HederaCon taking place on February 25, 2025, at The Arch in Denver, Colorado. These developments have significantly contributed to the HBAR price’s journey despite the current dip.
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