Hedera’s HBAR momentum has just began, analyst says

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As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the recent surge of Hedera Hashgraph (HBAR) has piqued my interest. Having witnessed numerous bull and bear cycles, I’ve learned to read between the lines and spot potential catalysts for growth.

On Friday, November 15th, Hedera Hashgraph stood out among other cryptocurrencies, thanks to a favorable forecast put forth by a well-known cryptocurrency analyst who expressed optimism about its potential.

On July 29th, the value of Hedera Hashgraph (HBAR) reached a peak of $0.0767 – the highest it’s been since July 17th. This marks a significant increase of 66%, as it surpasses its lowest point this month.

In a recent post on X, a popular trader called Maverick expressed his opinion that HBAR’s price increase is only getting started. He predicts that it could potentially reach its year-to-date peak of $0.1813, which represents approximately a 182% jump from its current value.

With barriers shattered behind it, the digital currency @hedera is experiencing an impressive surge:

— Maverick (@degen_maverick) November 15, 2024

Maverick points out that increasing activity on the Hedera Hashgraph platform, along with Canary Capital’s recent use of a spot ETF, could serve as significant triggers. It is thought that Donald Trump’s Securities and Exchange Commission might find it straightforward to endorse such an ETF.

Hedera Hashgraph’s future interest has been increasing significantly, which could be another factor driving its growth. The open interest recently surged to $66.7 million from $26.6 million in September, suggesting a growing demand for it.

Nevertheless, Hedera Hashgraph faces several hurdles. One issue is that although it boasts prominent members such as Ubisoft, Dell, Boeing, Google, and Deutsche Bank on its governing council, the overall size of its ecosystem remains relatively modest.

For example, it has a DeFi total value locked of just $44 million, making it much smaller than newer blockchains like Sui and Base Blockchain. DEX networks in its ecosystem handled tokens worth $35.4 million in the last seven days, making it the 32nd biggest chain in the industry.

HBAR price could hit $0.1 soon

Over the recent days, the daily graph indicates that the Hedera Hashgraph price has rebounded. This resurgence occurred following the formation of a double-bottom pattern near the support level at $0.045. Generally, in many market scenarios, this double-bottom pattern is one of the most optimistic signals.

Hedera has climbed beyond its crucial resistance point at $0.063, which represents the neckline of this pattern. Additionally, it has surpassed both its 50-day and 200-day moving averages. In simpler terms, Hedera has moved past a significant barrier at $0.063, which is part of a specific chart pattern, and it’s now above the average prices it has been following for the last 50 and 200 days.

Consequently, the most likely trend for the coin is an upward one, and we should keep an eye on the next significant milestone around $0.10, which is approximately 45% higher than its current price. As a precautionary measure in this trade, the stop-loss will be set at $0.055.

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2024-11-15 18:16