HBAR hits seven-month high after 47% rally as whales accumulate

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As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I’ve always got my eyes peeled for the next big thing. And it seems like HBAR might just be that next big thing. The recent 47% surge in a single day is certainly eye-catching, especially considering its seven-month high at $0.253.

On Monday, December 2nd, HBAR emerged as one of the top-performing cryptocurrencies, boosted by substantial whale buying interest and buzz within the HBAR community about its ecosystem.

Over the past day, Hedera (HBAR) increased by approximately 47%, reaching a seven-month high of $0.253 in trading. However, it subsequently gave back some of those gains and was valued at $0.250 at the time of printing. The altcoin’s recent surge has boosted its monthly returns to over 450%, while its market capitalization stands at a substantial $9.65 billion.

Rumours are driving the HBAR rally

The surge in HBAR’s momentum is largely fueled by its increasing role in blockchain-based federal transaction systems. Hedera’s collaboration with the Federal Reserve’s FedNow payment infrastructure, made possible by Dropp, empowers swift, safe, and streamlined transactions in real-time.

As a researcher delving into the intricacies of blockchain technology, I’ve noticed some buzz surrounding Ripple‘s possible role in the future. Whispers suggest that Hedera might be integrating support for Ripple’s upcoming RLUSD stablecoin, which could lead to an interoperable bridge between HBAR and XRP. If this speculation holds true, it would deepen their collaboration on global standards for Central Bank Digital Currencies (CBDC) and stablecoin settlements, making the blockchain world even more interconnected.

Additionally, traders of Hedera Hashgraph (HBAR) are hopeful due to anticipation about the possible endorsement of an exchange-traded fund dedicated to Hedera, proposed by Canary Capital and submitted to the U.S. Securities and Exchange Commission (SEC). With Gary Gensler stepping down as SEC chair, there’s speculation that approval could occur under President Trump’s administration. This might encourage more institutional investment, which in turn could boost HBAR’s price.

It seems that whispers and recent occurrences are sparking an upsurge of activity among whales. Data from HederaWatch indicates a significant rise in accounts holding between 100,000 and 100 million HBAR, with those holding 100 million experiencing a jump of more than 20% since August.

The significant increase in HBAR’s price has coincided with a substantial rise in trading action and investment. Over the past day, trading volume has soared by an impressive 323% to reach $3.46 billion, and open interest has risen by 76% to stand at $324 million. This surge suggests a large influx of new funds into the market, which could fuel the ongoing price rise.

In the past few years, HBAR (Hedera Hashgraph) has attracted a lot of attention from individual investors as well. As per Google Trends, it reached the peak of public curiosity in U.S. stock markets over the last five years.

HBAR is overbought

As a crypto investor, I’ve noticed an exciting development in my HBAR/USDT chart. Today, HBAR’s price has soared above not just one, but both its 50-day and 200-day Simple Moving Averages. This event is known as a “golden cross,” which is generally a strong bullish signal. It suggests that the momentum behind HBAR is growing, potentially paving the way for even more price escalations in the near future.

As a crypto investor, I’ve noticed an exciting development: The Relative Strength Index (RSI) has surged up to 83, indicating robust buying activity and reinforcing the bullish trend. However, it’s crucial to remember that an RSI above 70 usually suggests that an asset may be overbought. In our case, HBAR might experience a cooling-off period or even a price correction if the current momentum begins to decelerate.

If there’s a change in price direction, this altcoin might encounter potential support around $0.1358. This value corresponds to the midpoint of the Bollinger Band, a level that was previously reinforced as a support point during its decline on November 25.

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2024-12-02 11:50