The post Hedera (HBAR) Soars By 13%, Analyst Predicts Doubling Soon appeared on BitcoinEthereumNews.com.

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. He stated, “Looking 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.” 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’s potential uptrend. Hedera (HBAR) price analysis| Source: The Wolf Den Substack 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’s daily candle closing above $0.10 for the first time since May 2022. The price closed…

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Filed under: News - @ February 20, 2024 6:26 pm