Hedera Hashgraph price has gone vertical as it surged for five consecutive weeks, reaching its highest level since January 2022.
Hedera Hashgraph (HBAR), a top layer-1 network, jumped to a high of $0.2847, up by over 582% from its lowest point this month.
The coin jumped as data showed that more HBAR tokens were leaving crypto exchanges. In most cases, token outflows from exchanges is one of the best indicators that investors are accumulating the token. In an X post, Shawn, a popular analyst, noted that there would be “very little HBAR [is] left to buy on exchanges.”
🚨 WHALES KEEP ACCUMULATING: $HBAR continues to be taken off exchanges as the SUPPLY SHOCK is starting to gain momentum.There will soon be very little HBAR left to buy on exchanges, potentially causing a skyrocketing price appreciation due to demand outweighing supply. pic.twitter.com/nKjEbdaJtb
— Shawn (@oroogle) December 2, 2024
Another analyst noted that the HBAR price was rising as interest for the coin continued rising. He identified Google Trends data, which showed that more people were searching for HBAR. In most periods, an increase in Google search queries is usually a sign of traders embracing a fear of missing out.
Another possible reason why Hedera Hashgraph price is rising is that Donald Trump is considering his pick for the next Securities and Exchange Commission chair. While Paul Atkins is a leading contender, Brian Brooks, a Board member of Hashgraph, has been named. Data by Kalshi shows that Brooks has a 21% chance of being named.
Meanwhile, Hedera Hashgraph has soared after Canary Capital filed for a spot HBAR ETF. Analysts expect the SEC to approve many of these funds since Ethereum and Bitcoin ETFs have done well this year.
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Hedera Hashgraph has strong technicals
HBAR price chart | source: crypto.news
The weekly chart shows that the HBAR token price formed a double-bottom pattern at $0.037, which also explains why it has surged. This pattern happened between January 2023 and November this year. Normally, a consolidation that forms for a long time tends to have a strong move.
The coin has now moved above the key resistance level at $0.1796, its highest swing on April 2022. It has also jumped to the 50% Fibonacci Retracement level. The coin has also jumped above the 50-week Exponential Moving Average.
Hedera Hashgraph’s Relative Strength Index and the Stochastic Oscillator have moved to the overbought levels. Therefore, there are signs that the Hedera Hashgraph price will continue rising as bulls target the next point at $0.5690, its highest point on record.
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