Falling 93 Percent From ATH, Crypto HBAR Called Bakal Bullish This Year

This trader predicts the price of HBAR for 2023. (Photo; Doc. CryptoDomein)

JAKARTA Hedera Hashgraph (HBAR) ranks 38th on its list of 40 largest cryptocurrencies by market cap. At the time of writing, Coinmarketcap's data report explained that HBAR is trading at the level of IDR 611 per coin.

Launching Pluang, HBAR is the company's most widely used, sustainable public network for a decentralized economy that allows individuals and companies to develop strong decentralized applications (DApps).

HBAR uses its own blockchain technology called Hashgraph. This technology allows HBAR to gain blockchain-based alternative improvements in a number of areas, including speed, cost, and scalability.

According to crypto traders who use the pseudonym Credible, HBAR is claimed to be bullish in 2023. The price movement of HBAR is considered positive when entering this new year.

This was conveyed by Credible to his 335,000 Twitter followers. He assessed that the decline in the price of HBAR from its all-time high (ATH) by 93 percent was an opportunity to enter. The reason is, HBAR has the potential to experience a reversal or reversal.

"We have traced back to the origin of the last movement from where we ran 12x after a consolidation of nearly 12 months. If you are bullish on HBAR, this is the right time to do a DCA (dollar cost average) in my opinion," Credible wrote.

HBAR is Hedera Hashgraph's main crypto coin. Launching DailyHodl, the Hedera system aims to be a standard blockchain technology version that is faster, more efficient, and safer. It uses what is known as its Gossip protocol and combines Directed Acyclic Graph (DAG) as the backbone of its system.

HBAR currently has a market capitalization of just under USD 1 billion (IDR 15.5 trillion) and a maximum supply of 50 billion coins. Meanwhile, coins are currently circulating in the amount of 25 billion HBAR.

While Hedera has a large maximum supply compared to the supply in circulation, Credible says it won't be a problem once the bullish market appears.

"This is not an IMO problem [in my opinion]. People just want to rationalize PA [price action] bearish and because they can't refute its fundamentals, 'bad tonomics' is an easy alternative to shift errors. When we start pumping again, that argument won't last either."

Credible later added that Ethereum will increase but in the short term. He predicts Ethereum will rally by 16 percent, where the price is potentially close to 1,400 US dollars per ETH.