Hedera (HBAR) price has surged over 10% in the past 24 hours, attracting strong bullish interest. The cryptocurrency currently has a price of over $0.1450, indicating a breakout following the formation of several bullish reversal patterns.
As the process gains momentum, the bulls appear to be about to make a big move. Technical indicators are also strictly positive with a possible 30% rally on the horizon. The trend of Hedera seems to proceed upwards.
The volume shot up to 534.16 million by 225% and indicates strong buying power. HBAR is today one of the highest-performing assets of the day, as the crypto market struggles to recover. According to analysts, the price has recovered since an important support level in the recent crypto market pullback.
Here’s Why Hedera Price Is Up Today.
Coinbase is preparing to launch 24/7 HBAR futures trading on December 5, and the shift is attracting a lot of attention of institutional traders. The new product provides continuous access, and this means that firms are hedged as they can modify exposure at any point in time. Analysts observe that this change tends to increase liquidity and increase the involvement in the underlying asset.
The ETFs are also taking note of HBAR. The IRS has accepted staking in ETFs, and this might enable future HBAR funds to yield income without losing tax benefits. SEC has also relaxed listing requirements and has formed a more direct avenue towards new investment products based on HBAR.
Initial enthusiasm for spot HBAR ETFs caused a short-lived rise in price. According to SoSoValue data, these products received net inflows of approximately 31.65 million in the last month.
The wider crypto market has started picking up following a recent downturn. Bitcoin price surged above $86,000 on Monday, and Ethereum, XRP, Solana, and Dogecoin were up slightly at the beginning of the week.
Is HBAR Price Preparing for a Breakout Above $0.20?
As of the reporting time, the HBAR price pumped to $0.145 after a strong bullish rally.
The MACD indicates a new bullish crossover on the signal line. The histogram keeps on adding green bars in constant expansion. This is an indication of the increasing strength of bulls as the short-term momentum is shifting back to the positive.
The Chaikin Money Flow has reached an elevated stage once more above the zero line. This action signifies that capital inflows are going back to strength after several years of weakness. An extended positive CMF frequently sustains the efforts to recover.
The Hedera price is then presently trading on a tight price range of $0.145 to $0.15. Any breakout of $0.15 will lead to a better increase, as the long-term HBAR projection shows bullish.
The next target sits near $0.18; if bullish sentiment continues, a further breakout could open the path toward $0.20, which could surge by 30%.
Source: HBAR/USD 4-hour chart: TradingviewIn case momentum fades, the initial support is at $0.14. A more significant correction can possibly re-enter the $0.13 range, which has been solid over several retests.
Source: https://coingape.com/markets/hedera-price-set-for-explosive-30-rally-as-bulls-trigger-breakout/
