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 \u201caltcoin season,\u201d 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\u2019s potential for growth.<\/p>\n
Melker, also known as the \u201cWolf of all Streets,\u201d 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<\/a> poised for further expansion.<\/p>\n He stated, \u201cLooking at it generally gives us a clearer picture of what is happening with altcoins. [\u2026] 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.\u201d<\/p>\n This dynamic is the basis for HBAR (1-week chart, HBAR\/USDT), for which Melker\u2019s analysis shows a very optimistic scenario<\/a>. Currently, the Hedera price is challenging a significant resistance zone. Melker has identified the $0.10 level as pivotal for HBAR\u2019s potential uptrend.<\/p>\n 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\u2019s daily candle closing above $0.10 for the first time since May 2022. The price closed at approximately $0.1117. Melker states:<\/p>\n 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.<\/strong><\/p>\n 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.<\/p>\n 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.<\/p>\n \u201cAs 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,\u201d Melker remarks.<\/p>\n However, if HBAR manages to break through the $0.186 resistance zone, Melker\u2019s final target is the blue zone around $0.25. This would net investors more than a 2x on their investment.<\/p>\n At press time, HBAR traded at $0.10647.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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 \u201caltcoin season,\u201d 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\u2019s potential for growth.<\/p>\n Melker, also known as the \u201cWolf of all Streets,\u201d 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<\/a> poised for further expansion.<\/p>\n He stated, \u201cLooking at it generally gives us a clearer picture of what is happening with altcoins. [\u2026] 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.\u201d<\/p>\nTechnical Analysis Of Hedera (HBAR)<\/h2>\n
Altcoin Market Overview<\/h2>\n
Technical Analysis Of Hedera (HBAR)<\/h2>\n