The price of Hedera Hashgraph appears to have found its balance, and an unusual chart formation on the daily graph hints at a possible recovery.
1) Hedera Hashgraph’s (HBAR) price has climbed for two days in a row, peaking at $0.3140 – the highest it’s been since January 7. The token currently sits approximately 600% above its lowest point in 2024, and boasts a market capitalization exceeding $11.3 billion.
The current momentum of HBAR is fueled by investors’ expectations that the Securities and Exchange Commission might approve a spot exchange-traded fund. A newcomer in the investment world, Canary Fund Management, has submitted an application for an ETF concentrated on HBAR, and some experts predict a high probability of its approval.
As a crypto investor, I was excited to read a report on Tuesday suggesting that under the leadership of Paul Atkins, the SEC might approve crypto funds. The report pointed to Ripple (XRP) and Solana (SOL) as potential assets that could attract billions in investments. If these funds get the green light, it could open the door for a Hedera ETF, allowing for even more investment opportunities in the crypto space.
Currently, the overall worth locked within Hedera Hashgraph’s system is escalating in U.S. dollar terms. At present, the network boasts around $180 million in assets, primarily driven by platforms like Stader, SaucerSwap, Bonzo Finance, and Heliswap. Moreover, its stablecoin market capitalization has grown to approximately $11 million.
Hedera is commonly viewed as a quicker and less expensive substitute for Ethereum (ETH). Its governing body comprises significant corporations like Tata, Abrdn, Worldpay, IBM, and Dell.
Hedera is considered faster and cheaper than Ethereum, with important companies such as Tata, Abrdn, Worldpay, IBM, and Dell making decisions for it.
Hedera Hashgraph price could surge soon
The daily graph indicates that HBAR has stayed within a narrow band following its peak at $0.3922 in November. This digital asset has shaped a symmetrical triangle structure, an essential component of the optimistic pennant pattern, which is often used as a continuation signal.
Currently, HBAR is trading above its 50-day Exponential Moving Average and has hit the highest point of the Murrey Math Lines resistance. Moreover, it’s situated between the 61.8% and 78.6% Fibonacci retracement levels, suggesting a period of stabilization or consolidation.
As a researcher examining the market trends of HBAR, I am inclined to believe that we might witness a robust bullish surge. The next noteworthy resistance level to keep an eye on is approximately $0.3920, which was previously the token’s high on December 3. Should we surpass this level, it could potentially spark additional growth, with a potential psychological goal of $0.50 in sight. This target represents a significant increase of around 68% from our current price levels.
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2025-01-15 16:48