Hedera’s HBAR price may jump 215% to $1, analyst predicts

Hedera Hashgraph price rally has stalled this month after surging by over 823% between Nov. 5 and Dec. 3. Hedera Hashgraph ( HBAR ) was trading at $0.32, up by 650% from its lowest level last month. The recent surge has pushed its market cap to over $12 billion. Hedera has numerous catalysts that may push its price higher, as some analysts expect. One of these analysts, All In Crypto , believes that HBAR price has room to jump to $1 in this bullish cycle. He cited its technicals, especially a double-bottom pattern, to predict this move. Wont be long before $HBAR starts moving again up towards the $1.00, continuation pattern present, giving us now a confluence of patterns taking us toward $1.00 (larger double bottom still in play) pic.twitter.com/1YJDPxeKVp — ALLINCRYPTO (@RealAllinCrypto) December 13, 2024 One potential catalyst for Hedera Hashgraph is the rising hopes for an HBAR fund. Valour Funds, a large firm with over $1 billion in assets, filed for a Hedera physical staking exchange-traded product on Euronext, a move that will lead to more adoption by institutional investors. Just last month, Canary Capital filed for a spot on HBAR ETF with the Securities and Exchange Commission. There is a chance that the ETF will be approved since the agency is set to go through major changes when Gary Gensler steps down . Hedera Hashgraph is also seeing traction in its decentralized finance ecosystem. Data shows that the total value locked has jumped to a record high of almost $200 million, much higher than January’s low of $53 million. The biggest players in the ecosystem are Stader, SaucerSwap, and Bonzo Finance. HBAR is also seeing strong demand in the futures market, where futures open interest rose to over $326 million. Open interest is a metric that looks at the open call and puts options trades in the futures market. You might also like: XRP price slowly forms a bullish pattern: can Ripple hit $5 HBAR price has more upside to go HBAR price chart | Source: crypto.news The weekly chart shows that the Hedera Hashgraph price has been in a strong bullish trend in the past few weeks. It has jumped above the important resistance level at $0.1810, its highest swing on April 2022, and the neckline of the double-bottom around the $0.050 level. Hedera Hashgraph price has moved above the 50-week and 25-week moving averages. It has also moved above the 50% Fibonacci Retracement level. More upside will be confirmed if the price rallies above the year-to-date high of $0.3900. If this happens, the next point to watch will be at $0.5690, the all-time high. A move above that level will point to more gains, possibly to $1. You might also like: Velodrome’s VELO soars after Binance listing as a rare pattern forms

Source: crypto.news