Hedera (HBAR) Price Prediction Based on Chart: Can Bulls Make it Big in 2023?

Hedera (HBAR) price has displayed a bullish rally on a wider time frame. It has advanced by 660% since November. After a massive bull run, The price displayed a correction phase in December. However, the price has managed to defend the 20-day EMA and has surged by 33% in just three days.

Hedera (HBAR) price has shown a bullish trend on a larger time frame, rising by 660% since November. After a strong bull run, the price faced a correction phase in December. However, HBAR has managed to sustain above the 20-day EMA, leading to a 33% surge in just three days.

HBAR price broke out from a bullish candlestick pattern on the daily time frame. Analysts are anticipating a bullish rally following this correction, with expectations of a new all-time high (ATH) during this bull run in 2025.

Hedera Price on the Verge of Breakout: Can Bulls Make it Big?

World Of Chart, a crypto page on X, highlighted that the HBAR price triggered a breakout from a bullish flag pattern on the 4-H time frame. This breakout occurred after two weeks of consolidation.

If this breakout is successful, the HBAR price will continue its bullish momentum for the next few months. Analysts are predicting a 40-50% gain in the Hedera crypto price, fueled by this bullish momentum.

HBAR Price Formed a Falling Wedge Pattern

At press time, Hedera crypto was trading at $0.311, showing a 5.21% decrease over the past 24 hours. Its market capitalization was $11.09 billion, and the 24-hour trading volume was $2.02 billion.

The price showcased a falling wedge pattern on the daily time frame. Notably, the HBAR crypto price triggered a breakout and displayed a good move.

If the price sustains above the 20-day EMA, it could invite buyers. In the scenario of a bullish cryptocurrency market, it may leave a positive impact on the Hedera price. If the bulls hold strong, it could lead to a strong bullish trend further.

On the other hand, if the breakout fails, the buyers might get trapped and could lose the assets. If the price starts trading below the 20-day EMA, bearish momentum might be triggered. Here, most investors and traders might prefer to book profit which could lead to heavy selling.

Meanwhile, the technical indicators show that the MACD and Signal line are in the positive zone, indicating recovery. The histograms are turning green, highlighting the bullish outlook.

HBAR Price Prediction Based on Chart

Hedera has shown strong potential for recovery following a significant price correction, gaining 33% over the last three days and maintaining its position above the 20-day EMA. Analysts are optimistic about a bullish trend, predicting gains of 40-50% if the current momentum continues.

The recent breakout from the falling wedge pattern indicates a favorable outlook, provided HBAR can sustain its position above key support levels. However, if the breakout fails and the price falls below the 20-day EMA, bearish sentiment may arise, leading to potential profit-taking by investors.

Overall, the technical indicators suggest a bullish forecast, but careful monitoring of price movements is essential to navigate the risks in the cryptocurrency market.