Hi there all.
Our winner is Hedera in our latest poll. So welcome to our first HBAR Analysis.
First, let's check What is HBAR?
Based on the Coin Market Cap Website:
"Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications (DApps).
Hedera is owned and governed by the world's leading organizations:
It is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.
It was funded through an initial coin offering (ICO) in August 2018 and first launched open access to its main-net just over a year later in September 2019. As part of the ICO, investors were able to purchase the platform’s native utility token (HBAR) at the lowest possible pricing.
The HBAR token has a dual role within the Hedera public network.
First and foremost, HBAR is the fuel that powers Hedera services, such as smart contracts, file storage and regular transactions. Second, it's used to help secure the network, since HBAR users can stake their tokens to assist with maintaining the integrity of the platform.
Hedera (HBAR) is the native cryptocurrency of Hedera Hashgraph, a platform that is positioned as an alternative to traditional blockchain technology and aims to excel in speed, efficiency and security." Source: https://coinmarketcap.com/currencies/hedera/
1. HBAR Initial 5 Wave Structure, Weekly Time Frame
HBAR Completed the first Wave from $0.0093 to $0.5839 (62X) move between February 2020 to September 2021.
As we can see below, the correction is in play.
2nd Wave currently is slightly below the Fibonacci Level of $0.07380 and above the next Fibonacci Level of $0.04530. This means we can expect side actions between these two levels, therefore it is important to know the next support is at $0.0453.
The lowest Fibonacci Level sits at $0.02476, which can be deemed as the worst possible case for HBAR to touch. Although we set our 2nd Wave lowest point to here, HBAR is expected to try $0.0738 shortly considering the weekly indicators. It can be a possibility for a double tap at $0.0453 and try the $0.0738 initial target.
2. What about the Targets?
HBAR with the above 5 Wave Structure is targeting $7.52 with its 3rd Wave in the long run. Considering the capabilities of HBAR running on its own network, and the solutions it provided, it won't be a surprise for the majority to see HBAR touching subject levels.
3. Wave Trend Indicator, Weekly
The current wave trend indicator on the weekly time frame clearly indicates HBAR was so close to the oversold area and had the reversal and currently holding the green signal. This is why we discussed above the HBAR is expected to proceed to test the above Fibonacci level at $0.07.
Conclusion
HBAR is so close to its critical lowest points. Indicators are also close to the oversold which makes it an attractive altcoin compared to most. In the mid-long run, HBAR is targeting $7.52 with the 3rd wave after the bearish trend. I wouldn't be surprised if we would see HBAR at $7 levels with the upcoming bull run.
As always, Important Note: None of the targets represented on defenddark.net and defenddark.com is financial advice. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.