A closely followed crypto trader is flipping bullish on one of Ethereum’s (ETH) competitors as markets enter a new year.
The pseudonymous trader known as Credible tells his 335,000 Twitter followers that he’s looking to dollar cost average (DCA) into Hedera (HBAR), which is currently over 93% down from all-time highs.
“We’ve retraced back to the origin of the last move from which we ran 12x after a near 12 month consolidation. If you’re bullish on HBAR it’s a great time to be DCA’ing in my opinion.”
HBAR is the native token of the Hedera Hashgraph system, which aims to be a faster, more efficient and more secure version of standard blockchain technology. It uses what’s known as its Gossip protocol and incorporates a Directed Acyclic Graph (DAG) as the backbone of its system.
HBAR currently has a market cap of just under $1 billion and a max supply of 50 billion tokens, with 25 billion currently in circulation.
While Hedera has a large max supply compared to circulating supply, Credible says it won’t be an issue once a bull market comes around.
“It’s not really an issue IMO [in my opinion]. People just want to rationalize the bearish PA [price action] and because they can’t argue against its fundamentals ‘bad tokenomics’ is an easy alternative to shift the blame to. When we begin pumping again that argument won’t stand either.”
Looking at Ethereum, Credible has a short-term price target near the $1,400 level, about a 16% rally away from current prices.
“We got that last push down and took our local lows, now looking for continuation up to the 1st target. Note the two sets of equal lows we have left behind- I expect we come back down for those later. Check my pinned tweet for a vid made last week for more context.”
Generated Image: Midjourney