As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bullish and bearish trends, and the current surge in Hedera (HBAR) has caught my attention. The golden cross signal, coupled with growing network adoption and positive market sentiment, paints an optimistic picture for this altcoin.
In just the past day, Hedera’s price (HBAR) has experienced an extraordinary jump, soaring by up to 40%. This significant increase follows a well-known technical signal called the “golden cross,” which historically signals a positive trend in the cryptocurrency market.
When the short-term average line (which in this case is the 50-day Simple Moving Average) goes over the long-term average line (the 200-day Simple Moving Average), it’s called a “golden cross” formation. In the case of HBAR, this golden cross pattern has been created.
Over the past week, there’s been a surge of purchases for Hedera (HBAR), as its bullish trend propels the coin’s price to increase six out of seven days since November 26. Today, it has peaked at $0.259 in trading sessions.
Apart from the increase in price being potentially influenced by the golden cross signal, it could also be due to a rise in the adoption of Hedera’s network and a generally optimistic outlook in the cryptocurrency market.
Over time, Hedera’s ecosystem has been broadening; its governing council currently consists of 32 members. With an increasing number of businesses and developers joining the Hedera platform, the use and need for HBAR tokens are on the rise.
In the last few weeks, the larger cryptocurrency sector has experienced a surge, and coins such as HBAR have gained from this optimistic atmosphere.
What’s next for HBAR?
Currently, HBAR has surged by 19% over the past 24 hours, reaching a price of $0.241. However, it temporarily lost some of its daily gains due to a widespread sell-off across the crypto market that led to approximately $536 million worth of liquidations.
Previously, Hedera formed a bullish golden cross around mid-November 2023, trading at approximately $0.06. This was followed by a surge in value that reached $0.18 in April, roughly five months later. However, the appearance of a death cross in late June this year reversed the bullish signal, causing HBAR’s price to drop to $0.041 on November 4th, marking the start of an upward trend.
After that particular date, HBAR has been consistently rising, peaking at $0.259 during today’s trading, a level last observed in March 2022. This upward trend has catapulted HBAR into the ranks of the top 20 cryptocurrencies by market capitalization, positioning it as the 19th most valuable with a market worth of $9.23 billion.
Should HBAR manage to surpass its current hurdle at $0.259, it might spark a fresh round of buying activity, potentially driving the price up towards $0.30 or even $0.45. Conversely, any potential downturn could result in temporary dips. In such a situation, we anticipate that $0.17 will serve as a support level.
Read More
- USD MXN PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- RSR PREDICTION. RSR cryptocurrency
- DF PREDICTION. DF cryptocurrency
- EUR CAD PREDICTION
- USD BRL PREDICTION
- NTRN PREDICTION. NTRN cryptocurrency
2024-12-02 18:43