Hedera (HBAR) price has seen a bullish shift in the last 24 hours, with the price shooting to a 2-year high of $0.1808 before facing resistance. Despite the resistance, the HBAR price at press time was trading at $0.1823, a 25% surge from the intra-day low.
During the rally, HBAR’s trading volume and market capitalization soared by 261% and 25% respectively, reaching $954.36 million and $6.92 billion.
Hedera (HBAR) Price Jumps 25%
Hedera (HBAR) price has displayed strong upward momentum, reinforced by technical indicators suggesting continued bullish trends after skyrocketing over 25%. The HBAR price recently crossed both its 50-day (SMA 50) and 200-day (SMA 200) simple moving averages, forming a “golden cross”.
The SMA 50 is currently at $0.07545, while the SMA 200 is positioned at $0.07169, both well below the current price.
HBAR/USD price chart (Source: TradingView)
The Relative Strength Index (RSI) for HBAR has reached 78.56, nearing the overbought zone of 80. This suggests strong buying activity but also indicates a potential price consolidation as traders may take profits. However, analysts remain optimistic, with one Javon Marks forecasting a possible rally to $0.504, representing a 192% increase from current levels.
Increased Market Activity Boosts Investor Confidence
HBAR’s price rally has been accompanied by heightened trading activity and open interest, indicating growing market participation. Trading volume surged by 261% to $954.36 million in 24 hours, while open interest grew by 48.26% to $208.25 million.
This increase suggests that new capital is entering the market, which could support sustained upward price movement.
According to More Crypto Online, HBAR’s current movement aligns with Elliott Wave theory, suggesting one more high is likely in the short term. Analysts are monitoring key resistance levels at $0.176, $0.20, and $0.23. A breakout above these levels could further validate the bullish trend.
Federal Reserve Collaboration Fuels Positive Sentiment
HBAR’s recent price surge is also being supported by its growing role in blockchain-based federal payment systems. Hedera is integrated into the Federal Reserve’s FedNow payment platform through Dropp, enabling real-time payments with increased efficiency and security.
In addition, Ripple (XRP), which has partnered with Hedera for USD transactions, is expected to receive regulatory approval to launch its RLUSD stablecoin in December 2024. This partnership could enhance interoperability between Hedera and Ripple, further bolstering HBAR’s adoption in the payments sector.
Concurrently, HBAR traders are also optimistic due to speculation about the potential approval of a Hedera exchange-traded fund (ETF) submitted by Canary Capital to the U.S. Securities and Exchange Commission (SEC). With Gary Gensler stepping down as SEC chairman, an ETF approval, which is likely under Trump’s administration, is possible hence could provide broader exposure to institutional investors, fueling additional HBAR price gains.
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