HBAR Set for 7X Gains: Is Now the Perfect Time to Buy?
- HBAR poised for a potential 7X gain, driven by Fibonacci levels and expected Bitcoin market surge to $120K-$140K.
- Consolidation phase may position HBAR for a $2.10 breakout as altcoin growth follows Bitcoins upward trajectory.
- Market liquidity from Bitcoins rally could ignite an HBAR bull run, signaling a strong entry point for investors.
The Crypto community is now focusing on the HBAR after a recent analysis revealed that the token could increase its value dramatically. In an X post on Thursday, Egrag highlighted that HBAR could see a 7X potential further down the line. The assessment is based on token pricing at present and the likelihood of the token to break out in the given market environment.
HBARs $2.10 Breakout Potential
The structure of the analysis is based primarily on the price dynamics of coin, and its interaction with the Fibonacci retracement levels of 0.786 and 0.702. This zone indicates that coin may be trapped in the consolidation phase where it could trade sideways before a huge movement. However, according to the analyst, when token is in this range, the expected Bitcoin price surge to $120K-$140K could spark a bull run for many altcoins including HBAR.
From the chart, if Hydera token follows the path described in the purple area, the token could easily be worth $2.10. However, such price dynamics can be considered rather realistic and conservative; nevertheless, higher price levels are also possible, but for now, it is better to concentrate on practical goals. This prediction is in sync with the general market prediction, based on which altcoins are expected to rise up after Bitcoin has displayed its upward movement.
Bitcoins Impact on HBAR Growth
The analyst anticipates that, after Bitcoin attains its targets, the new liquidity in the market will boost the growth of other digital assets such as HBAR. With the market waiting on what Bitcoins next move will be, it is expected that token will be one of the tokens that will be boosted from this rise. As of writing, Hydera is trading at $0.3042, down by 7.11% over the past day.
Source: TradingView
However, given the recent trend of the market, many people believe that token has a high potential for price movement in the following months. The consolidation phase might provide the entry point at the right time before the break out is made. The current price of HBAR is sitting right in the middle of the Fibonacci retracement zone and could imply a bullish break out if the market turns in its favor.
Read more: https://www.tronweekly.com/hbar-set-for-7x-gains-is-now-the-perfect-time/
Text source: TronWeekly
