A closely watched crypto trader is bullish on one of Ethereum’s (ETH) rivals as markets head into the new year.
A pseudonymous trader known as Credible tells his 335,000 Twitter followers that he is looking at the dollar price average (DCA) in Heder (HBAR), which is currently more than 93% off its all-time highs.
“We’re back to the beginning of the last move that we ran away from 12 times after almost 12 months of consolidation. If you’re in favor of HBAR, in my opinion, it’s a good time for DCA.”
HBAR is the native token of the Hedera Hashgraph system, which aims to be a faster, more efficient and more secure version of the standard blockchain technology. It uses what is known as its Gossip protocol and includes a directed acyclic graph (DAG) as the backbone of its system.
HBAR currently has a market cap of just under $1 billion and a maximum supply of 50 billion tokens, with 25 billion currently in circulation.
While Hedera has a large maximum supply compared to the circulating supply, Credible he says that won’t be a problem when the bull market comes.
“It’s not really a problem IMO [in my opinion]. People just want to rationalize bearish PA [price action] and since I cannot argue against its merits, ‘bad tokenomics’ is an easy alternative for shifting blame. When we start 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% upside from current prices.
“We got that last push down and took our local lows, now looking for a continuation to the 1st target. Notice the two sets of equal lows we left behind – I expect we’ll come back for those later. For more context, check out my pinned tweet for a video made last week.”
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