As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself intrigued by the current trajectory of Hedera Hashgraph (HBAR). The recent price rally has been nothing short of impressive, with gains of over 823% between November and December. However, it’s important to remember that even the most promising coins can take a breather before resuming their upward momentum.
The upward momentum of Hedera Hashgraph’s price has slowed down this month, following a significant increase of approximately 823% from November 5 to December 3.
Hedera Hashgraph (HBAR) was trading at $0.32, up by 650% from its lowest level last month. The recent surge has pushed its market cap to over $12 billion.
As a researcher, I’ve taken note of the potential factors driving up the price of Hedera, according to some analysts’ predictions. Among these experts, All In Crypto is particularly optimistic about HBAR, suggesting it could surge to $1 in this bullish market cycle. This forecast is based on the technical aspects, specifically a double-bottom pattern, which they believe will trigger this price jump.
It won’t take much time before HBAR resumes its upward trend, aiming for $1.00. A continuing pattern is visible, and this, combined with other patterns, points us towards the $1.00 mark. The larger double bottom formation is still active.
— ALLINCRYPTO (@RealAllinCrypto) December 13, 2024
One potential catalyst for Hedera Hashgraph is the rising hopes for an HBAR fund. Valour Funds, a large firm with over $1 billion in assets, filed for a Hedera physical staking exchange-traded product on Euronext, a move that will lead to more adoption by institutional investors.
Just last month, Canary Capital filed for a spot on HBAR ETF with the Securities and Exchange Commission. There is a chance that the ETF will be approved since the agency is set to go through major changes when Gary Gensler steps down.
Hedera Hashgraph’s decentralized finance system is gaining momentum as well. It’s worth noting that the total value locked in this system has hit a new peak of nearly $200 million, significantly higher than its lowest point in January at $53 million. The leading players within this ecosystem include Stader, SaucerSwap, and Bonzo Finance.
The cryptocurrency HBAR is experiencing high demand in the future market as well, with futures open interest surpassing $326 million. Open interest refers to the number of outstanding buy and sell contracts for options in the futures market.
HBAR price has more upside to go
Over the last few weeks, the weekly graph indicates a robust upward price movement for Hedera Hashgraph. It has surpassed a significant resistance point at $0.1810, marking its highest peak in April 2022, and also exceeded the neckline of a double-bottom formation around $0.050.
The price of Hedera Hashgraph has surpassed both its 50-week and 25-week moving averages, and it now sits above the 50% Fibonacci retracement point as well.
If the price surpasses its highest point this year ($0.3900), it will provide further evidence of potential growth. Should this occur, the next significant level to focus on would be the all-time high at $0.5690. Breaking through that level could indicate more upward movement, potentially reaching $1.
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2024-12-13 19:40