Crunch Time for Hedera (HBAR): Analysts Warn of Potential 10% Price Plunge

• Technical signals are reading slightly bearish for Hedera (HBAR).
• Network executives highlight notable revenue growth recorded on the Hedera network and the possibilities for the following year. 

Earlier in the week, the technical charts showed that HBAR was attempting to surpass the $0.0931 price levels previously tested in February.

Should the altcoin succeed, HBAR could make a U-turn, causing it to decline by 10%. While the asset could surge past $0.0931, if it breaks past the barrier, it could drop to $0.0852, or further down to $0.0782.

At the time of this report, HBAR is trading at $0.09311, after securing a 4.74% increase in daily gains. HBAR has had an impressive price run over the last week and is still showing bullish signs at this time.

Trading volume and market cap are notably up by 35% and 4% respectively. Despite the altcoin declining by 83.66% from its 2021 all-time high of $0.5701, it has surged by 830% since its all-time low of $0.01001, which was recorded back in 2020.

Meanwhile, the Hedera network is also thriving on a fundamental level. Shayne Higdon and Mance Harmon, the CEOs of the Hedera ecosystem recently spotlighted some of the network’s wins in a recent interview.

Watch out for Hedera in 2024

According to the executives, the network has seen a significant growth in transaction fee revenue from the previous year to date. They asserted;

Last year, the network did $328,000 in revenue in transaction fees. We are on track this year and I was hoping to have the exact number right now. We are on track this year to do almost $4 million in network transaction fees. So that’s 10x growth over a year.

They also highlighted other milestones recorded over Hedera-based services.  The Hedera executives further noted that the mix shift from HCA to HTS is starting to take shape. The network has also recorded a handful of other use cases that have gone live in the last couple of weeks that are HTS-related.

Notably, Hedera Token Service (HTS) makes it easy for developers to manage tokens with scalable performance and predictable cost. Hedera Consensus Service (HCS) is a purpose-built tool for creating decentralized, auditable logs of immutable and timestamped events for web2 and web3.

The unprecedented growth recorded on Hedera is unflinching current market sentiments. Community members are collectively laying down bullish predictions for 2024. According to one X user, the structures built on the network this year will pay off in the near term. He wrote;

Keep telling you guys 2024 is going to be an amazing year for Hedera. So much was done & built in the last 18 months, but now it’s time for us to see the benefits in the coming months.