{"id":575937,"date":"2024-02-20T08:40:06","date_gmt":"2024-02-20T08:40:06","guid":{"rendered":"https:\/\/www.wncen.com\/?p=575937"},"modified":"2024-02-20T08:30:01","modified_gmt":"2024-02-20T08:30:01","slug":"hedera-hbar-soars-13-doubling-soon","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/hedera-hbar-soars-13-doubling-soon\/","title":{"rendered":"Hedera (HBAR) Soars By 13%, Analyst Predicts Doubling Soon"},"content":{"rendered":"

Hedera (HBAR) has surged by 13.7% in the past 24 hours and a notable 31.5% over the last week. This uptick is part of a broader “altcoin season,” where select altcoins are experiencing significant gains. Scott Melker, a prominent figure in the crypto analysis space, today shared his insights into the altcoin market and specifically on HBAR’s potential for growth.<\/p>\n

Altcoin Market Overview<\/h2>\n

Melker, also known as the “Wolf of all Streets,” has highlighted the significance of the Total 3 market cap, which excludes Bitcoin (BTC) and Ethereum (ETH), to gauge the health of the altcoin market. According to Melker, Total 3 reaching a new cycle high of approximately $550 billion on a weekly close is a clear indicator of a robust altcoin market<\/a> poised for further expansion.<\/p>\n

Related Reading: Hedera (HBAR) Soars 50% To Mark New 20-Month High, Fuels Bullish Price Targets<\/a><\/div>\n

He stated, \u201cLooking at it generally gives us a clearer picture of what is happening with altcoins. […] With that in mind, it is important to note that TOTAL 3 just made a new cycle high on the weekly close, around $550B. This indicates that the altcoin market remains healthy and likely to continue to grow.\u201d<\/p>\n

Technical Analysis Of Hedera (HBAR)<\/h2>\n

This dynamic is the basis for HBAR (1-week chart, HBAR\/USDT), for which Melker’s analysis shows a very optimistic scenario<\/a>. Currently, the Hedera price is challenging a significant resistance zone. Melker has identified the $0.10 level as pivotal for HBAR\u2019s potential uptrend.<\/p>\n

\"Hedera
Hedera (HBAR) price analysis| Source: The Wolf Den Substack<\/a><\/figcaption><\/figure>\n

This resistance zone, highlighted by Melker in red, is crucial because a consistent close above this level on the daily and weekly charts would signal a shift in momentum favoring the bulls. At press time, HBAR was trading just above this key resistance zone, with yesterday\u2019s daily candle closing above $0.10 for the first time since May 2022. The price closed at approximately $0.1117. Melker states:<\/p>\n

HBAR is pushing hard into the key resistance zone that I discussed many months ago. To keep it more simple, a push above 10 cents should do the trick. Bulls want to see daily and weekly closes above the red zone. A retest of that zone as support would be an ideal entry.<\/strong><\/p><\/blockquote>\n

Two Simple Moving Averages (SMAs) are plotted on the chart: the 50-day SMA at around $0.0615, which HBAR is currently well above, and the 200-day SMA at approximately $0.1241, which is slightly above the current price action. The price positioning between the two SMAs can be interpreted as a consolidation zone where the price needs to establish a firm direction.<\/p>\n

Related Reading: Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion<\/a><\/div>\n

Melker points out that past the $0.10 resistance zone, there appears to be minimal historical resistance until nearly a 2x increase around the $0.186 level. This lack of resistance suggests that if HBAR can maintain its position above the red zone, there is potential for a relatively unobstructed upward trajectory.<\/p>\n

\u201cAs you can see on the left of the charts, there is almost NO RESISTANCE until nearly 2x, around .186. This coin dropped hard, leaving a vacuum. It should do well if it can push through here,\u201d Melker remarks.<\/p>\n

However, if HBAR manages to break through the $0.186 resistance zone, Melker\u2019s final target is the blue zone around $0.25. This would net investors more than a 2x on their investment.<\/p>\n

At press time, HBAR traded at $0.10647.<\/p>\n

\"hedera
HBAR price, 1-week chart | Source: HBARUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Disruption Banking, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Hedera (HBAR) has surged by 13.7% in the past 24 hours and a notable 31.5% over the last week. This uptick is part of a broader “altcoin season,” where select altcoins are experiencing significant gains. Scott Melker, a prominent figure in the crypto analysis space, today shared his insights into the altcoin market and specifically on HBAR’s potential for growth. Altcoin Market Overview Melker, also known as the “Wolf of all Streets,” has highlighted the significance of the Total 3 market cap, which excludes Bitcoin (BTC) and Ethereum (ETH), to gauge the health of the altcoin market. According to Melker, Total 3 reaching a new cycle high of approximately $550 billion on a weekly close is a clear indicator of a robust altcoin market poised for further expansion. Related Reading: Hedera (HBAR) Soars 50% To Mark New 20-Month High, Fuels Bullish Price Targets He stated, \u201cLooking at it generally gives us a clearer picture of what is happening with altcoins. […] With that in mind, it is important to note that TOTAL 3 just made a new cycle high on the weekly close, around $550B. This indicates that the altcoin market remains healthy and likely to continue to grow.\u201d Technical Analysis Of Hedera (HBAR) This dynamic is the basis for HBAR (1-week chart, HBAR\/USDT), for which Melker’s analysis shows a very optimistic scenario. Currently, the Hedera price is challenging a significant resistance zone. Melker has identified the $0.10 level as pivotal for HBAR\u2019s potential uptrend. This resistance zone, highlighted by Melker in red, is crucial because a consistent close above this level on the daily and weekly charts would signal a shift in momentum favoring the bulls. At press time, HBAR was trading just above this key resistance zone, with yesterday\u2019s daily candle closing above $0.10 for the first time since May 2022. The price closed at approximately $0.1117. Melker states: HBAR is pushing hard into the key resistance zone that I discussed many months ago. To keep it more simple, a push above 10 cents should do the trick. Bulls want to see daily and weekly closes above the red zone. A retest of that zone as support would be an ideal entry. Two Simple Moving Averages (SMAs) are plotted on the chart: the 50-day SMA at around $0.0615, which HBAR is currently well above, and the 200-day SMA at approximately $0.1241, which is slightly above the current price action. The price positioning between the two SMAs can be interpreted as a consolidation zone where the price needs to establish a firm direction. Related Reading: Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion Melker points out that past the $0.10 resistance zone, there appears to be minimal historical resistance until nearly a 2x increase around the $0.186 level. This lack of resistance suggests that if HBAR can maintain its position above the red zone, there is potential for a relatively unobstructed upward trajectory. \u201cAs you can see on the left of the charts, there is almost NO RESISTANCE until nearly 2x, around .186. This coin dropped hard, leaving a vacuum. It should do well if it can push through here,\u201d Melker remarks. However, if HBAR manages to break through the $0.186 resistance zone, Melker\u2019s final target is the blue zone around $0.25. This would net investors more than a 2x on their investment. At press time, HBAR traded at $0.10647. Featured image from Disruption Banking, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":575951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[66253,87133,87834,83784,66254,91683],"class_list":["post-575937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-hbar","tag-hbar-price","tag-hbarusd","tag-hedera","tag-hedera-hashgraph","tag-hedera-price"],"acf":[],"yoast_head":"\nHedera (HBAR) Soars By 13%, Analyst Predicts Doubling Soon<\/title>\n<meta name=\"description\" content=\"Hedera has surged by 13.7% in the past 24 hours and a notable 31.5% over the last week. 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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