Hedera Hashgraph (HBAR) Buying Remains Strong

• HBAR remains bullish, supported by buying pressure and an upward price trend.
• The token is holding above key support levels despite recent retracement.
• The $1 target appears long-term, while $0.40 and $0.50 are presented as nearer medium-term targets.

As a lot of altcoins continue to outperform BTC, the Hedera Hashgraph coin hasn’t been left out of the windfall of bullish momentum. Some analysts are of the opinion that the coin may proceed to breach the $1 price level. This seems quite ambitious, but let’s take a look at price developments below.

HBARUSDT 24-Hour Chart

The prior session registered a significant downward retracement, as shown by the corresponding price candle. However, the ongoing session is a bullish one and keeps its base above the 9-day Exponential Moving Average (EMA) line. The Stochastic Relative Strength Index (SRSI) indicator lines have crossed, but the subsequent lines remain sideways.

Hedera Hashgraph Traders Are Likely to Stay Bullish

The HBAR market has been very bullish since its price action delivered a double-bottom pattern. This resulted in an upward breakout in price action. The previous session pulled the market back below the 9-day $0.1200 price level, but bulls were able to keep the token trading above the $0.1000 price level. The lines of the Stochastic RSI offer no guidance as they keep to a sideways trajectory at the moment but stay above the 60 mark of the indicator.

Will HBAR Reach the $1 Mark Soon?

While the Hedera Hashgraph coin isn’t doing badly at the moment, the opinion that its price may hit the $1 mark seems rather like a long-term goal. The market clearly sticks to an upward path, but traders might want to stay a bit less ambitious. Therefore, for medium-term gains, one may target price levels such as $0.4000 and $0.5000.