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Hedera

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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. 
<h2 id="altcoin-market-overview">Altcoin Market Overview</h2> 
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 <a href="https://www.newsbtc.com/crypto/what-are-altcoins-season-how-to-buy/" target="_blank" rel="noopener ">altcoin market</a> 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.” 
<h2 id="technical-analysis-of-hedera-hbar">Technical Analysis Of Hedera (HBAR)</h2> 
This dynamic is the basis for HBAR (1-week chart, HBAR/USDT), for which Melker’s analysis shows a very <a href="https://www.newsbtc.com/news/hedera-hbar-soars-50-to-mark-new-20-month-high-fuels-bullish-price-targets/" target="_blank" rel="noopener ">optimistic scenario</a>. Currently, the Hedera price is challenging a significant resistance zone. Melker has identified the $0.10 level as pivotal for HBAR’s potential uptrend. 
<img loading="lazy" decoding="async" class="wp-image-575948 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054" alt="Hedera HBAR price analysis" width="4096" height="2054" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=4096 4096w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/02/GGufeKYXsAEfTvv.jpg?resize=4096%2C2054?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
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 at approximately $0.1117. Melker states: 
<blockquote>
 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.
</blockquote> 
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. 
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. 
“As 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,” Melker remarks. 
However, if HBAR manages to break through the $0.186 resistance zone, Melker’s 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. 
<img loading="lazy" decoding="async" class="wp-image-575950 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673" alt="hedera hbar price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/02/HBARUSD_2024-02-20_09-23-32.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Hedera (HBAR) Soars By 13%, Analyst Predicts Doubling Soon

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