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The Hedera price has soared 11% in the last 24 hours to trade for $0.1044 as of 4:50 a.m. EST on a 2,634% surge in trading volume.
The altcoin builds atop the gains made on Monday, which saw the smart contract token close its highest daily candle at $0.1178, levels last seen in May 2022, for a 22-month high.
$HBAR DID IT! #HBAR closed it's HIGHEST daily candle since May 2022! The consolidation is over.
Prepare for a parabolic run
In line with previous posts = weekly Stoch RSI cross – 10 weeks of pump
Enjoy this moment. And be grateful, always be grateful! 🙏bless you all #Hbarbarians pic.twitter.com/hMt8WXJ2Vk— Crypto Troll (NOT!) (@OCryptoTroll) February 20, 2024
Hedera Price Outlook
The Hedera price is sitting atop the 78.6% Fibonacci level at $0.1024. It has the potential to extend the fall in the wake of an overbought HBAR. This is seen by the position of the Relative Strength Index (RSI) above 70. This momentum indicator is nose-diving, to show that HBAR could soon be ripe for selling. Investors should watch for the RSI to cross below 70, a move that could open the drains for a sell-off.
If the bears have their way, the Hedera price could lose support due to the 78.6% Fibonacci level of $0.1024, or lower, retracing the 61.8% Fibonacci level, the most critical retracement level, at $0.0901. For the current bullish outlook to be invalidated, however, the price must slip and close below the 50% Fibonacci level of $0.0815. Such a move would denote a 23% drop below current levels.
Notice that the Hedera price had also broken out above the upper boundary of the Bollinger indicator at $0.1025. Often, this move precedes a pullback, adding weight to the RSI supposition mentioned above.
TradingView: HBAR/USDT 1-day chart
Converse Case
On the other hand, if the bulls fasten their grip on HBAR, the Hedera price could push north to clear the market range at $0.1180. In a highly bullish case, the price could extend the gains to tag the $0.1200 psychological level, standing 15% above current levels.
On-chain Metric Supporting Bearish Outlook For Hedera Price
Multiple on-chain metrics from Santiment behavior analytics took support the bearish outlook for the Hedera price. For starters, the social dominance metric is up from 0.408% to 1.105% in the last 24 hours. Social volume has also soared to 93. A significant rise in social dominance points to an increasing amount of mentions of the coin on crypto-related social media channels relative to a pool of over 50 other projects.
HBAR Santiment: Social dominance
According to Santiment analysts, a surge of this strength is a recipe for a correction as it inspires the fear of missing out (FOMO). Specifically, the mainstream attention pushes late investors to conform to FOMO. This leads to a possible price top and, therefore, a pullback.
🗣️ #Solana (+13%), #Stacks (+23%), and #NEARprotocol (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO will create price tops. If holding any, take a cautious approach. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea
— Santiment (@santimentfeed) December 21, 2023
While the Hedera price has HBAR holders at the edge of their seats after reclaiming its 22-month high, there is a new Solana meme coin star, Smog, which has skyrocketed 111% in a week. And it’s currently offering a 10% discount for early project entrants.
Promising Alternative To Hedera
Smog is the latest Solana meme coin and analysts say it’s set to benefit from its dragon theme, which is likely to appeal to Chinese investors amid the onset of the Chinese New Year of the Dragon.
Happy Chinese Lunar New Year! Did you get your lucky money?🧧
We kick off the work today. Good luck with your work throughout the new year🫰 pic.twitter.com/TYwujiHUyq— Runergy recruitment (@RunergyJiangsu) February 18, 2024
Emerging among the most talked-about meme coins in 2024 after a debut on Jupiter DEX, Smog promises the mother of all airdrops.
$SMOG is now live on #ETH! Bridge your $SMOG now using @portalbridge_’s #Wormhole, a top cros https://t.co/IYoFGtebBE
— henrickxddd 🕹️ $RCADE (@henrickxddx) February 14, 2024
Smog is committed to surpassing even the landmark $700 million airdrop on Solana. Towards this endeavor, the project has allocated 35% of the total token supply (1.4 billion tokens) for this purpose.
$SMOG tokenomics as per website
50% is for marketing
35% is for airdrop
10% for CEXThis can be corroborated onchain as well but with a twist! pic.twitter.com/JAyjxiK5fx
— LOST (@SavingsLost) February 9, 2024
Holders of $SMOG tokens qualify for this historic event. Alternatively, participants can accumulate airdrop points by engaging in the Zealy campaign.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
Some analysts rank Smog among the best meme coins to invest in with potential for exponential gains, while others say it is one of the best penny crypto investments. And right now you can buy and stake Smog for a 10% discount. But hurry soon to catch the deal before it ends.
Also Read:
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- Most Trending Cryptos on Ethereum Chain Today – Mind, Smog, TAO Inu
- $SMOG Meme Coin 10x Growth Potential – How to Buy, Stake for High Rewards, and Price Prediction
- New Solana-Based Meme Token To Buy and Hold – Could SMOG Be The Next BONK?
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