CandleFocus

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

Author: Content Editor
The price rally of Hedera Hashgraph (HBAR) has slowed down after a significant surge of over 823% between November and December. Despite this, HBAR is still trading at $0.32, which is a 650% increase from its lowest level last month. Its market cap has surpassed $12 billion.

Analysts believe that there are several catalysts that could further boost the price of HBAR. All In Crypto predicts that HBAR could reach $1 in the current bullish cycle due to positive technical indicators, particularly a double-bottom pattern.

The potential launch of an HBAR fund by Valour Funds and the filing of an HBAR ETF by Canary Capital are seen as factors that could attract institutional investors, leading to increased adoption of Hedera Hashgraph.

The decentralized finance (DeFi) ecosystem of Hedera Hashgraph is also experiencing growth, with a record high total value locked of almost $200 million. Stader, SaucerSwap, and Bonzo Finance are among the major players in this ecosystem.

The futures market for HBAR is also witnessing strong demand, with futures open interest surpassing $326 million.

Looking at the charts, HBAR has been in a strong bullish trend, breaking above resistance levels and moving above key moving averages and Fibonacci retracement levels. If the price surpasses the year-to-date high of $0.3900, the next target would be the all-time high of $0.5690, with the potential for further gains to $1.

Related News