HBAR price prediction and forecast: 50% surge coming?
After losing more than 19% during 2023, Hedera (HBAR) has made an impressive comeback with over 12% gains in only one month of 2024. Many factors drove HBAR’s value higher this year, and the most recent one includes its collaboration with the Ministry of Saudi Arabia. With strong fundamentals and a positive technical outlook, this HBAR price prediction assumes a 40% surge in the upcoming days.
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MISA and HBAR Join Hands Together
Recently, the Hashgraph Association, in collaboration with the Ministry of Investment of Saudi Arabia (MISA), has announced the launch of the DeepTech Venture Studio in Riyadh.
This $250 million, five-year partnership aims to cultivate Web3 and deep technology development in Saudi Arabia. The initiative seeks to support over 500 companies. It will offer tools and resources for innovative solutions in AI, DLT, robotics, IoT, VR, and quantum computing.
The Studio will serve as a focal point for tech innovation in Riyadh. This showcases the Kingdom’s commitment to economic diversification and tech advancement. The Hashgraph Group will manage the initiative by offering various services such as technical support, training, project delivery, and venture capital investments.
This strategic partnership and establishment of the DeepTech Venture Studio in Riyadh added value to HBAR. After this announcement, HBARrose more than 11% in only 3 days.
HBAR Price Prediction: A Bullish Hope of a 40% Surge with Break Above 50-EMA
The daily price chart of HBAR/USD shows signs of potential bullish momentum ahead. Currently, the prices are trading at $0.07829 with -1.30% loss in 24 hours. However, a successful break above the 50-EMA line two days ago indicates a potential bullish reversal. Meanwhile, Awesome Oscillator (AO) histograms have also reached above the zero line, showcasing the strength of the bullish momentum.
If prices keep on moving upward, they might face initial resistance at $0.08504 level. From here, the prices could face next resistance at $0.09354 level before reaching the key resistance level at $0.10181 level. This level would be crucial for the HBAR cryptocurrency, as any break and closing above this key resistance level could propel the coin towards the target price of $0.11000 level. This level is about +40% higher than the current price level.
Bear case
On the flip side, there are still chances that prices could drop as they are trading below the trendline. The initial support lies at $0.07541 level, which coincides with the 50-EMA line. This point is a key support level, any break and closing below this level would trigger the next support at $0.06766 level. From here, it could further decline towards the $0.05982 level which is around -23% down from the current price level.
