Hedera (HBAR) Price Jumps 25% As Analyst Predicts 192% Rally

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve witnessed numerous bull runs and bear markets alike. However, the current surge in Hedera (HBAR) price is particularly intriguing, given its strong technical indicators and fundamental growth potential.

Over the past 24 hours, the value of Hedera (HBAR) has experienced a bullish trend, reaching a two-year peak of $0.1808, only to encounter resistance. However, despite this resistance, at the time of writing, the price stands at $0.1823, representing a 25% increase from its lowest point within the day.

At the rally, HBAR’s trading volume and market value significantly increased by 261% and 25%, respectively, peaking at a trading volume of $954.36 million and a market value of $6.92 billion.

Hedera (HBAR) Price Jumps 25%

The price of Hedera (HBAR) has been showing significant growth, with technical signs pointing towards ongoing bullish tendencies following a surge over 25%. Recently, the HBAR price broke through both its 50-day and 200-day moving averages, creating what’s known as a “golden cross,” which is often associated with further upward price movements.

Currently, the SMA 50 stands at $0.07545, and the SMA 200 is at $0.07169. Both are significantly lower than the present value.

The Relative Strength Index (RSI) for HBAR currently stands at 78.56, which is close to the overbought zone of 80. This indicates intense buying activity and potentially suggests that traders might be taking profits soon, leading to a potential price stabilization. Despite this, analyst Javon Marks predicts an upward trend, possibly pushing HBAR’s value up to $0.504 – a rise of approximately 192% from its current prices.

Increased Market Activity Boosts Investor Confidence

The increase in HBAR’s price has been accompanied by a surge in trading activity and an uptick in the number of open contracts, suggesting that more investors are becoming involved in the market. In just 24 hours, the trading volume jumped by 261% to reach $954.36 million, while the amount of open interest grew by 48.26% to hit $208.25 million.

This rise indicates that fresh funds might be flowing into the market, potentially fueling a prolonged uptrend in prices.

As a researcher, I’ve been closely observing HBAR’s price movement, and it seems to be in line with the Elliott Wave Theory, implying that we might see one more peak in the near future. I’m keeping an eye on crucial resistance levels at $0.176, $0.20, and $0.23. A potential breakthrough above these levels could strengthen the bullish prediction.

Federal Reserve Collaboration Fuels Positive Sentiment

The current rise in HBAR’s value is additionally fueled by its expanding influence within federal blockchain payment networks. Hedera has been incorporated into the FedNow payment system of the Federal Reserve via Dropp, allowing for swift and secure transactions that boost efficiency.

Furthermore, it’s anticipated that Ripple (XRP), having teamed up with Hedera for dollar transactions, will secure regulatory approval to debut its RLUSD stablecoin by December 2024. This collaboration might improve compatibility between Hedera and Ripple, potentially boosting the use of HBAR in the payment industry.

At the same time, traders of Hedera’s token (HBAR) are feeling hopeful because there are predictions that a Hedera exchange-traded fund (ETF) might be approved by the U.S. Securities and Exchange Commission (SEC). This ETF proposal was submitted by Canary Capital. With Gary Gensler stepping down as SEC chairman, it’s possible that an approval for this ETF could happen under the Trump administration. If so, this would give institutional investors broader access to Hedera, potentially leading to further price increases for HBAR.

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2024-11-30 03:40